Sheffield Wednesday’s administrators are seeking to find a new buyer for the struggling club as soon as possible following James Bord’s failed bid.

The Stanmore-born entrepreneur and former professional poker player formed a team that reportedly agreed to pay a staggering £47.8 million to acquire the Owls, earning them preferred bidder status in December of last year.

Mike Ashley and the Storch family are reportedly still interested in taking over the Championship club, having been involved in the previous round of negotiations last year.

A third bidder is also in the running, and it is hoped that a new preferred choice will be announced soon, as time is of the essence as the Championship season concludes.

Sheffield Wednesday have been in administration since October, when owner Dejphon Chansiri finally surrendered control, and they fear running out of money if a buyout is not completed in time.

Henrik Pedersen’s side has already been officially relegated to League One, sitting at the bottom of the second division table with a total of minus seven points, and the major focus now is to get back on a solid financial footing ahead of next season.

New facts on Mike Ashley’s Sheffield Wednesday bid

According to BBC journalist Andy Giddings, Ashley’s price is much lower than David Storch’s offer.

According to colleague reporter Alan Biggs, the bid is actually worth slightly more than £10 million, which is far less than the initial asking price of £30 million.

Storch, an American businessman, appears to have dramatically outbid the former Newcastle owner, which may be enough to win him preferred bidder status.

However, the 61-year-old Ashley is not officially out of the running to acquire the Championship squad.

It is understood that administrators Begbies Traynor will also consider how quickly a bidder can have their purchase approved by the EFL due to concerns about the Owls potentially running out of money.

Sheffield Wednesday will allegedly have enough money to last until the conclusion of the current season, but monthly losses of £1 million mean they may not be able to continue.

This underlines the importance of completing a takeover as soon as possible because the club’s future is at stake.

Given that the Storch family’s money is tied up abroad, the EFL will most likely take longer to complete its checks on his offer than on Ashley’s, perhaps putting the ex-Newcastle owner ahead despite the far lesser offer.

It is also thought that no bid has exceeded the reserve asking price for the second-tier team, which means they will likely face a 15-point deduction penalty at the start of next season.

Timing will be an important component in Sheffield Wednesday’s takeover process.

If there is confidence that Ashley’s proposal will be finished sooner than the Storch family’s, his cheaper offer will most likely be accepted.

Because time is of the essence, the 61-year-old has a stronger negotiation position today than he had in the previous round of proposals.

The Owls need to finalize this takeover by the conclusion of the season, and the EFL’s checks on Ashley should not take too long.

The good news for supporters is that a preferred bidder will be announced shortly, possibly as early as this week; yet, as we saw with Bord’s offer, this does not guarantee that the club will find a new owner quickly.