Sheffield Wednesday will have to wait even longer for a takeover after the proposal led by James Bord’s group faltered.

The Owls remain in administration due to former owner Dejphon Chansiri’s terrible financial mismanagement, with administrator Kris Wigfield recently claiming that Wednesday is losing £1 million per month.

Bord had been selected the South Yorkshire club’s preferred bidder, granting him a period of exclusivity, but the American is no longer expected to become Hillsborough’s new owner.

Wednesday were demoted to the League One on Sunday, following a 2-1 defeat to Sheffield United in an exciting Steel City Derby at Bramall Lane.

James Bord Sheffield Wednesday’s takeover breakdown is not due to EFL test fears.

Bord is being sued by his former business partner, Jonathan Cohen, over an investment in Spanish second-tier club Cordoba, which raised concerns about the Owls’ erstwhile preferred bidder’s ability to pass the EFL’s Owners and Directors criteria.

The EFL has also been investigating whether the American’s purchase of the S6 team will be primarily supported by gambling and crypto-gaming earnings.

However, as reported by the Sheffield Star on Wednesday, Bord’s consortium has stated that their departure from the takeover is due to a better understanding of the Owls’ condition, which means their value of the club is’significantly lower’ than their bid.

Alsharif Faisal Bin Jamil, a consortium member, told The Star that Bord’s team will not re-enter the bidding to buy Wednesday, who still have a negative Championship point total.

Meanwhile, according to the Daily Mail,’significant’ unknown expenses to renovate Hillsborough have been blamed for the takeover’s failure.

According to the report, the Bord consortium bid roughly £40 million, rather than the previously stated £32.5 million.

Bin Jamil told the Mail, “We don’t blame the administration or anyone. It’s simply not justifiable. We are quite upset. We thought it was a fantastic match. We have invested significantly in the club. There are a lot of sunk costs, but the enormous gap between the club’s value and what we bid means we are unable to proceed.”

Wigfield indicated that Bord was covering Wednesday’s cash-flow losses on a rolling, fortnightly basis.