Sheffield Wednesday are now preparing for life in the League One following the announcement of their relegation from the Championship.

After a 2-1 loss against Sheffield United on Sunday, the team was formally relegated to the third tier in their third season back in the second division.

The Owls have had a rough past year, with financial troubles hurting the club behind the scenes.

The Yorkshire club has been in administration since October, despite a preferred bidder being nominated to take over the squad in December.

Sheffield Wednesday are awaiting EFL approval, with a consortium led by James Bord trying to replace Dejphon Chansiri as owner.

This article covers the most recent takeover news for the Championship side.

Independent football regulator’s position on Sheffield Wednesday takeover

The Guardian reports that the Independent Football Regulator (IFR) has doubts about Sheffield Wednesday’s potential purchase.

The IFR is also said to be concerned about a lack of credible alternatives if Bord’s bid to purchase the club falls through.

If no resolution is reached by May, the regulator will take over the ratification procedure, which might cause problems for the Owls, who face insolvency if this takeover fails.

And it has been alleged that none of the previous bidders are interested in perhaps returning to the bargaining table after Bord’s offer substantially beyond what the competition was willing to pay.

Josh Windass invites new owners to support Henrik Pedersen.

The 2-1 loss to Sheffield United on Sunday guaranteed Sheffield Wednesday’s League One status for next season, but Josh Windass remains certain that Henrik Pedersen is the man to lead the club forward.

The Wrexham attacker left Hillsborough in the summer after working with Dane for two seasons, and he urged that the club’s prospective new owners continue with Pedersen for the rest of his League One career.

“Obviously, they’re in a difficult situation,” Windass told Sky Sports.

“Hopefully they can get a takeover and give Henrik the chance he deserves next year to rebuild the team and come back up.”

Henrik Pedersen’s priority

According to Alan Nixon, Bord’s intentions for the Owls include a focus on Pedersen’s future.

The Bord consortium is still awaiting ratification, but they are already prepared to take over as the club’s new owners, with the head coach post being one of their first major selections.

It is expected that it will take another six weeks for the EFL to decide whether to approve the transaction.

However, the former poker player has already reportedly lined up a former Scottish footballer to play a key role behind the scenes as part of his plans for the Championship team.

Chris Wilder provides Sheffield. Wednesday relegation compassion

Chris Wilder, despite his devotion to rivals Sheffield United, has shown sorrow for Sheffield Wednesday following their relegation.

According to the 58-year-old, the Owls’ team may not have been able to compete at a Championship level this season, but they have given it their all.”I’ve never seen a Sheffield United fan celebrate a Sheffield Wednesday victory,” Wilder told Sky Sports.

“And I’ve never seen a Sheffield Wednesday supporter celebrate a United victory.

“I’m sure I never received any phone calls after Tommy Watson hit the ball in the bottom corner in the 97th minute at Wembley Stadium, and what transpired after that.

“This is the ruthless aspect of the job.

“You have to look after your own club and yourself.

“Everyone in football understands that Sheffield Wednesday were effectively relegated at the start of the season, and I feel for Henrik and the players.

“Relegation is never an easy situation to deal with.

“But the team is so raw that it’s frightening, and they go out every week and give it their all, just like today.

“A little more about it today.

“That’s the way it is.

“That is how we are raised up.

“I don’t think any Sheffield Wednesday fan would have the effort any other way and neither would any Sheffield United fan have it any other way.”