Sheffield Wednesday are in takeover limbo following the failure of James Bord’s bid to buy the club.

The professional poker player formed a partnership that was chosen the favored bidder in December, two months after the Owls declared bankruptcy.

Begbies Traynor has managed the bargaining process since October, and they will now begin looking for a new buyer to take over the Championship club.

Sheffield Wednesday was owned by Dejphon Chansiri, who purchased the team in 2015, however the Thai businessman’s financial mismanagement in recent years has caused significant turbulence.

Supporters will be hoping that someone steps up and buys the Yorkshire club, as Henrik Pedersen’s side has already been formally demoted to League One.

Failure to find a buyer puts the club at risk of insolvency, while it has been suggested that there is enough money to cover the duration of the current season.

Sheffield Wednesday takeover latest

The Irish Times stated that additional bids for Sheffield Wednesday are anticipated by Friday.

Mike Ashley and David Storch are thought to be the front-runners in the race to buy the Championship side.

Both parties were linked to a takeover before Bord’s group was selected the preferred bidder.

Prior to the collapse of their acquisition deal, Bord was said to have offered £47.8 million for the Yorkshire firm.

Begbies Traynor will be seeking to finalize takeover talks as soon as possible so that the club can prepare for their return to League One next season.

It was previously believed that Ashley made an offer of roughly £20 million to buy Sheffield Wednesday, which was less than the £30 million asking price.

The 61-year-old was previously the owner of Newcastle United, and it is understood that executive staff from his company Frasers Group are overseeing his interest in the Owls.

Meanwhile, Storch, the head of investment firm Arise Capital Partners, is making his second effort to buy an EFL team, having previously been involved in talks to take over Plymouth Argyle, which proved fruitless.

Pedersen’s side is at the bottom of the Championship table, with minus seven points, and has only won one game this season.

The Owls’ next game is against Derby County on March 7th, with a 3pm kickoff.

The sooner a takeover can occur, the better for Sheffield Wednesday.

Whether Ashley or Storch buys the club, Begbies Traynor will strive to complete the transaction as soon as feasible.

Neither side should have to wait for ratification from the EFL, as previous bidders did, which eventually led to the collapse of their offer.

Ashley has ownership experience in English football from his tenure at Newcastle, but he was an unpopular figure at St. James’ Park.

However, given the severity of Sheffield Wednesday’s collapse over the last year, any person who can rescue the club from their current crisis will undoubtedly gain the backing of fans, at least immediately.