Sheffield Wednesday received some good news about a takeover last week, when a company consisting of David and Michael Storch and Tom Costin was revealed as the new preferred bidder, but it was followed by some equally awful news ahead of next season’s League One comeback.

The Owls became the first team in EFL history to be relegated in February, losing 2-1 to Steel City rivals Sheffield United, and the focus since then has been on keeping the club out of administration for next season.

Unfortunately, the consortium lead by former professional poker player James Bord withdrew their bid three months after being chosen the preferred bidder. They claimed that the £47.8 million bid they made was no longer justified.

That bid would have assured that all due taxes were paid and that all creditors received 25p out of every £1 required to meet the EFL’s insolvency guidelines, which included £15 million owing to former owner Dejphon Chansiri.

Unfortunately, Arise Capital Partners has not met the £30 million asking price required to meet those regulations. According to an update from the administrators, it is the best current option for ensuring Wednesday’s long-term viability.

Unfortunately, Sky Sports’ Rob Dorsett has confirmed that this will result in a 15-point deduction to begin next season.

On the surface, the 15-point deduction appears difficult to reverse, and it could result in another relegation, this time to the fourth division. However, this is not an unprecedented situation, and Wednesday might learn from Leeds United’s approach.

Leeds United defied a 15-point deduction and finished in the League One play-offs.

Leeds United, who had been in the Champions League only six years before, were relegated to League One in 2007 and went bankrupt just days before the season ended.

The administrators at KPMG enabled Ken Bates to buy the club back without a Company Voluntary Arrangement, violating the EFL’s insolvency rules. Fortunately for Leeds, the EFL extended its rules and returned the club’s share owing to extraordinary circumstances.

However, the plain and basic fact was that the team had violated the insolvency rules, and they were docked 15 points at the start of the following season in League One.

While the intricacies of certain laws have undoubtedly evolved over the last 19 years, Sheffield Wednesday’s punishment will remain unchanged at the start of next season. However, if they can match Leeds’ performances, they need not be concerned.

Leeds would swiftly eliminate the points deduction in the first five games of the season, winning their first seven League One games.

Their 13-game unbeaten streak to begin the season set the tone for what would be a historic season on the field. The Whites ended up with 91 points for the campaign, which would have been enough to get them back into the Championship, and they placed fifth despite the points deduction.

Leeds’ play-off problems would prevent them from gaining quick promotion, and it would be another two years before they returned to the Championship, although they were always a play-off club in their three League One seasons, despite a 15-point deduction in their first.

Sheffield Wednesday may still make a promotion bid in the League. One following season.

There’s no denying that Sheffield Wednesday will face a difficult season next season, with the Storch group having to rebuild almost entirely from the ashes of Dejphon Chansiri’s reign, and their backs will be against the wall from the start, with an immediate 15-point deduction.

However, Sheffield Wednesday is a major League One team that will most certainly have little trouble luring good players. If the new owners properly fund the Owls immediately, the Wednesday squad may be good enough to compete for the play-offs nonetheless.

With a 15-point deduction, they’ll need to be good right away, like Leeds, to make a serious push for the playoffs. But the model is there to be followed, and Wednesday will be hoping to go as far as their Yorkshire rivals did 19 years ago with a reconstruction led by Storch.

From there, they’ll be hoping to go one step further and win the play-offs. If they succeed, it will be one of the most incredible stories, especially given the club’s recent struggles.