Sheffield Wednesday is in takeover limbo following the collapse of the James Bord-led consortium’s bid.

The Owls have been in administration since October, and it was thought that designating Bord’s offer as the preferred option would speed up the process of finding a new owner.

However, the club is back to square one after receiving fresh bids earlier this month from the likes of Mike Ashley and the Storch family.

The Yorkshire club has had a terrible year, losing several key players due to late wage payments, as well as highly regarded coach Danny Rohl.

Henrik Pedersen took over the first-team squad in the summer, although he has only won one game as head coach, and Sheffield Wednesday’s relegation to League One is already inevitable.

Supporters will be praying that a new preferred bidder is found quickly, as the club’s fate is at stake.

Sheffield Wednesday takeover update from an expert

According to reports, Ashley’s offer is much lower than that of the Storch family following last week’s round of bids.

According to The Star, this does not necessarily rule out the former Newcastle United owner from the bidding process.

Following the failure of Bord’s bid to buy the club, an expert has argued that the best bid will not always be the highest bid.

The former poker player’s syndicate reportedly bid £47.8 million to buy Sheffield Wednesday, significantly above any other suitors.

This is why Begbies Traynor considers numerous aspects while determining who would become the next possible owner of the Championship side.

It is reported that none of the offers received by the administrators for the Yorkshire club surpass their reserve price, with all bidders accepting a potential 15-point penalty deduction from the EFL for the next season.

However, the highest number will not guarantee preferred bidder status because the speed with which the takeover may be executed must also be considered.

Sheffield Wednesday are running out of money, and they may only have enough to cover the remainder of the current season, therefore time is of the essence in obtaining EFL approval for the takeover.

Speed must be considered in the Sheffield Wednesday takeover issue.

With no potential bidder proposing more than the reserve price to prevent more point deductions, Begbies Traynor must consider speed.

If any of these parties wanted to take control of the bidding process, exceeding that sum might suffice.

However, the administrators must select a preferred buyer who can have a takeover approved by the EFL before the team runs out of money.

That could benefit Ashley because analyzing Storch’s offer may take longer due to his money being held abroad.