Sheffield Wednesday losing £5m a year - Milan Mandaric

Sheffield Wednesday owner Milan Mandaric has revealed the club are losing £5m a year.

The Owls finished 18th in their first season back in the Championship after two years in League One.

The former Portsmouth and Leicester City owner is servicing the club's debts at present.

"This club is losing money, probably around £5m and next year won't be any different," he told BBC Radio Sheffield.

"I'm not just looking for any buyer, I'm looking for the right buyer who can take this club where it wants to go.

"There are a lot of people who come and have a look at the club but we're not pushing to sell the club at the moment.

"I said before if someone proper comes along and they are the right person for the club then I will step aside.

"I sold Leicester for less money than what I had invested but they were the right people and I felt like my mission was completed."

The Serb, who took over at Hillsborough in December 2010, was in charge at Pompey when they gained promotion to the top-flight in 2003.

He believes it would be unwise for the Owls to attempt to spend their way up this season.

"It's not a matter of having the funds. It's about being realistic about what needs to be done. You want to make investments not just throw the money away," he said.

"We have the money to field a competitive team, which we did at the end of the season. We're going to improve that team.

"Our plan is to be there or thereabouts in January and then move on from there. For the time being our aim is to be in the top half of the table."