The failure of James Bord’s offer to buy ailing Championship club Sheffield Wednesday is also expected to affect former owner Dejphon Chansiri’s pocket.

Following the announcement of the club’s relegation from the Championship at the conclusion of current season, the breakdown of the James Bord takeover dealt another blow to Owls fans looking for some sense of normalcy to return to their club after a long absence.

Bord’s consortium backed out of their position as favored bidder for the club last week, alleging that “the figure we offered is significantly higher than that justified by the findings of a lengthy due diligence process”.

The club was placed into administration on October 24th, following months of financial difficulties, including late payment of wages to employees.

On Christmas Eve, the consortium was declared to be the preferred buyers for the club, but the agreement fell through, adding another narrative twist to a story that has dominated the Championship this season.

Wednesday’s mathematical relegation was sealed on the 22nd of February with a 2-1 defeat at Sheffield United in the Steel City Derby, despite heavy points deductions and tight restrictions on new players joining the club. It is believed to be the earliest relegation in the EFL’s 138-year history.

The collapse of James Bord’s deal for Sheffield Wednesday could result in Dejphon Chansiri losing millions of pounds.

On Sunday morning, journalist Alan Nixon stated on his Patreon page that the club’s soon-to-be former owner, Dejphon Chansiri, is now set to lose money as a result of the Bord bid’s collapse.

He has reported that the Thai businessman was set to receive £15 million from Sheffield Wednesday’s sale if the James Bord group had followed through on their offer, but that he is now likely to miss out because new bids for the club will be far less than those made by the professional gambler’s consortium.

EFL rules indicate that teams who do not accept an offer paying creditors the ’25p in the £1′ – in this case, Chansiri is the Owls’ primary creditor – will face a 15-point deduction at the start of the season following their emergence from administration.

However, in the instance of Bord’s offer, it is evident that his consortium was the only one willing to meet their requirements. The difficulty for Chansiri will be more than just not receiving payback for the money he invested in the team.

Nixon has also alleged that because new bids will not meet the threshold to provide Chansiri a large payout, the disgraced ex-Owls owner will face a new difficulty, with some of the money he does win from Wednesday’s sale “needed for a loan he has secured against his purchase” of Hillsborough.

That means he will have to dip into his personal savings to pay the bill, rather than relying on the funds he expected to get from Bord and Co in the near future.

Potential Chansiri losses show that there is no such thing as a risk-free investment in football clubs.

This probable conclusion for Dejphon Chansiri indicates that, even if an owner invests money in a football team through loans, they might still wind up significantly out of pocket.

The secured nature of the loan, which was taken out to remove Hillsborough from the club’s hands in order to avoid a potential breach of PSR, requires repayment regardless of the club’s insolvency. Chansiri now owes millions of pounds.

This explains why Chansiri sought £100 million for the club when he placed it up for sale last summer. The difficulty with this estimate, however, was that it consistently exceeded the value of the club in its current state.

Nobody believes Sheffield Wednesday were or are worth anything close to that valuation, as seen by the size of bids since the club entered administration.

The loss of Bord’s bid will likely have a significant impact on Sheffield Wednesday. A 15-point deduction for the following season in League One would have major consequences for them; it may even lead to their relegation the next time around.

It’s a tiny one, but Wednesdayites may see it as the thinnest of silver linings in this entire affair, assuming Chansiri loses millions of pounds as a result of this latest twist. They will very definitely conclude that he is solely responsible for his current situation.