Sheffield Wednesday’s preferred buyer, David Storch, is taking significant strides toward finalizing his ownership of the Hillsborough club.

However, there is no certainty that the American Arise coalition will lead Wednesday’s new chapter away from administration.

The Owls have had an extremely difficult season, which has already seen them demoted to League One following a defeat to cross-city rivals Sheffield United, as well as points deductions.

Meanwhile, erstwhile favored bidder James Bord’s Wednesday takeover plan fell through, keeping the South Yorkshire company in administration for much longer.

Storch, the current prospective owner, is undertaking the EFL’s Owners’ and Directors’ Test and will face assessments from the Independent Football Regulator (IFR) if the transaction is not completed by May.

The American has already made a good impression on Owls manager Henrik Pedersen and met with prominent fans at Hillsborough.

Storch attended Wednesday’s 1-1 Championship game with Watford alongside consortium partner Tom Costin, which fueled speculation about his impending takeover.

However, football ownership issues are never simple, and the Owls may need backup plans if Storch’s agreement falls through.

With this in mind, Football League World looks at two potential groups who could yet buy the Steel City team:

Mike Ashley is one of two suitors who could save Sheffield Wednesday if David Storch’s takeover falls through.

Mike Keegan of the Daily Mail stated on X that the Storch group met with the EFL and IFR, and that no objections with the consortium were raised.

However, this is far from confirmation that his takeover will be finalized, and Wednesday fans will be interested to see who the other bidders may be.

Alan Biggs, a Sheffield Star columnist and talkSPORT reporter, told X on March 19 that former Newcastle United owner Mike Ashley has always been viewed as a ‘backstop option’ by the Owls’ administrators, and that his potential takeover remains a possibility that cannot be ruled out.

The 61-year-old was in the running for the takeover on Wednesday before Storch was declared preferred bidder, but his offer fell short of the American’s.

Meanwhile, the Sheffield Star reported in February that Ashley is willing to spend £100 million on Wednesday if he secures a deal with the South Yorkshire club.

The Owls are in desperate need of investment in a number of areas as a result of former chairman Dejphon Chansiri’s neglectful ownership, and the future owner will be required to invest in their Middlewood training complex and Hillsborough Stadium.

Aside from Ashley’s interest, former Sunderland co-owner Charlie Methven, who was most recently the CEO of Charlton Athletic, might step in if Storch’s transaction falls through.

The 49-year-old left his position with the Addicks in May after serving on the board of the South London club during last season’s League One promotion campaign.

Meanwhile, earlier this month, the Sheffield Star reported that Methven expressed an interest in purchasing Wednesday.

Sheffield Wednesday would be better suited if David Storch completed his ownership.

Whether Storch, Ashley, or Methven are the finest Wednesday owners is debatable, but one thing is certain: time is not on the Owls’ side.

The Hillsborough club has had a difficult season, first under devastating ex-owner Chansiri, and then in administration.

As a result, the Owls’ next owner will need as much time as possible to try to construct a positive future before next season, which will not be easy.

Wednesday will be punished 15 points next season, while EFL limitations will limit their weekly salary cost to £7k per player.

The quickest method for the Owls to complete their takeover is to sell the South Yorkshire club to their current preferred bidder, Storch, who will have some time to prepare for summer transfer activity.

Storch’s group has also hired sports lawyer Nick De Marco, who could assist them in challenging EFL rulings such as the wage cap.