Sheffield Wednesday slipped into administration more than a month ago, bringing an end to Dejphon Chansiri’s decade-long reign.
The Owls were docked 12 points at the end of October for entering administration, and since then, Begbies Traynor’s administrators and associates have worked relentlessly with various interested parties to expedite the process.
It will be at least three years before Thai businessman Chansiri is allowed to return to an EFL club as an owner or director due to multiple breaches of financial regulations he committed during the final stages of his tenure, which resulted in another points deduction, bringing their total for the season to 18.
Despite the baggage their prior owner left behind, Wednesdayites remain optimistic about a new owner and welcome any updates.
With that in mind, here’s the latest on who will follow Chansiri as Wednesday’s owner.
Preferred bidder date pushed back as six bids are readied.
When it came to purchasing Sheffield Wednesday, there were several interested parties, with at least 11 showing proof of funding to take on the club. As a result, the administration had the potential to end as soon as feasible.
Proof of funding does not equate to a bid. However, The Athletic reports that there will still be six bidders in “the final battle to secure ownership”.
Given the deadlines set when a club goes into administration, Begbies Traynor’s managing partner, Kris Wigfield, announced on November 21 that he aimed to have a preferred bidder by December 5.
However, according to The Athletic, this will no longer be the case due to the large number of people scheduled to meet with them to make a contract.
According to Paul Stanley, the joint administrator, the process will only be delayed for another week or so, and a transaction should still be completed in the new year.
Anders Holch Povlsen is out of the running to acquire Sheffield Wednesday.
According to Matt Slater on X, FC Midtjylland owner Anders Holch Povlsen has no intention of making a bid, which may disappoint Wednesday fans.
The Athletic reported that Povlsen, Denmark’s richest man with a net worth of $13.3 billion, was intrigued, but it wasn’t obvious whether he’d make a firm offer.
This does not appear to be the case anymore, as Povlsen has been verified as out of the running.
Administrators set minimum price for Sheffield Wednesday; Mike Ashley falls short in first bid.
The sole reported bid so far has come from former Newcastle United owner Mike Ashley. However, the administrators quickly rejected the £20 million deal.
All interested parties were required to give proof of £50 million in funds to demonstrate that they could safely run Sheffield Wednesday in the coming years, however these interested parties will have to spend at least £30 million upfront to purchase the club.
Stanley informed The Athletic that this is to cover overdue taxes, secure football creditors, and other creditors, who must be paid 25p in the £1 if Wednesday are to comply with insolvency regulations and avoid much more punishment next season, which would begin with a 15-point loss.
Dejphon Chansiri will also profit from the deal, earning £15 million.
“Anyone thinks they’re being smart by providing less than £30 million would have 15 points deducted next season. “The number must begin with a three,” Stanley explained.
Wednesday are almost guaranteed to start the 2026/27 season in League One, especially given their current 27-point deficit to safety. However, the current attention is not largely on the field.
Hopefully, the timetable for announcing a preferred bidder will not be pushed back any more, and the proper person will be chosen to lead Wednesday through the debris left by Dejphon Chansiri.
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