Sheffield Wednesday and their long-suffering fans are still confident that the club’s protracted takeover process will be completed in the last weeks of the current season.

The Owls have been in limbo for some months, with controversial previous owner Dejphon Chansiri handing over the club to joint administrators Begbies Traynor late in October, amid worries of a winding-up petition from His Majesty’s Revenue and Customs.

Following an initial bidding war, a group managed by James Bord was granted ‘preferred bidder’ status on Christmas Eve, but their £47.8 million offer was withdrawn last month after first concerns involving the former Sheffield United recruitment advisor surfaced.

With the purchase process reverting to the ‘bidding war’ stage, ex-Newcastle United chairman Mike Ashley and David Storch were entitled to make a second bid for the Owls after being failed in December.

Storch had earlier attempted to team up with fellow American John McEvoy in the process late in 2025, with Begbies Traynor putting a clear £30 million value on the South Yorkshire firm.

He was eventually revealed as their second ‘preferred bidder’ late on March 10th, just after watching Henrik Pedersen’s team come agonisingly close to winning only their second Championship game of the season against Watford.

Arise Capital Partners LLC is comprised of Storch, his son Jonathan, and Tom Costin, with reports indicating that the consortium’s offer was around £18 million, falling short of the £30 million required to fully pay off outstanding obligations and creditors, including Chansiri.

Several sources suggest that Wednesday may face punishment in League One next season. However, a new update has emerged involving the EFL.

Important Sheffield Wednesday, EFL deadline passed amid David Storch takeover negotiations.

Wednesday’s current season has undoubtedly been ‘unforgettable’ for a variety of reasons, including an 18-point deduction, a severe lack of financial resources, and transfer market flexibility, all of which culminated in the EFL’s earliest-ever relegation on February 22nd.

They are still on minus-six points with seven games remaining, but takeover talks have, naturally, continued to dominate headlines in this area of the world.

It has been well documented that the Owls are at risk of starting next season with -15 points, with the aforementioned £18 million bid still insufficient to ensure Chansiri receives at least £15 million of the £60 million owing to him due to the EFL’s laws requiring creditors to be paid 25 pence in the pound.

It was also suggested that the club could face an overall wage ceiling of £7 million for 2026/27, a weekly salary limit of £7,000 per player, and the maintenance of a transfer fee limitation till next winter.

However, the Sheffield Star has reported that there is hope that the spending restrictions will be relaxed to conform with League One rules, and that the proposed fines will serve as a starting point in the bargaining process.

There is now optimism that Arise Capital will pass the EFL’s Owners’ and Directors’ Test, and that the governing body and Storch’s consortium have reached an acceptable agreement to transfer them the keys to the takeover boardroom.

This follows a lengthy online meeting between members of Arise Capital, the EFL, Begbies Traynor, and the newly-introduced Independent Football Regulator on March 28.

It has been said that those associated with the chosen consortium were pleased with the outcome of the discussion, albeit a final determination on the fines that could be levied on the Owls is still pending.

Henrik Pedersen will expect to understand the magnitude of Sheffield Wednesday’s sanctions ahead of the League One season.

At this point, it’s unclear how the Owls’ initial rebuilding efforts will begin in League One.

As a result, Pedersen, his players, and everyone else involved with the club will want to know the full scope of any fines before the transfer market opens, especially if funds are constrained for bringing new players to S6.

Furthermore, a 15-point punishment would change the goalposts in terms of the club’s overall goal, as they would need at least five wins to reach a ‘positive’ points tally.

However, the aforementioned conversations demonstrate that the acquisition process is progressing in the correct direction, which will undoubtedly please Wednesdayites at this stage.