Earlier this month, Sheffield Wednesday announced that David Storch had completed his acquisition of the club.

The Owls were looking for a new owner after falling into administration in late October, with Begbies Traynor in charge of the negotiations.

Kris Wigfield had a significant part in the day-to-day operations of the Yorkshire club during this time, and an agreement was reached with Storch in March.

Sheffield Wednesday was expected to face a 15-point punishment penalty as part of Storch’s takeover due to a potential failure to comply with the EFL’s insolvency guidelines.

The proposal of just under £20 million was apparently insufficient to satisfy the payments due to the meet club’s unsecured creditors at a rate of 25p per pound, with previous owner Dejphon Chansiri being the primary offender.

However, an offer made to the Thai businessman for prospective payment in the case of promotion to the Championship resulted in the team avoiding EFL penalty.

Kris Wigfield addresses the Sheffield Wednesday point deduction scenario.

Sheffield Wednesday’s point deduction, or lack thereof, has been compared to Derby County’s recent period of administration in 2022.

The Rams avoided a deduction as well, although it required Mel Morris to write off the debt owed to him by the club.

Wigfield has clarified the contrasts between the two scenarios, implying that the Owls have not received favorable treatment.

The administrator said that Sheffield Wednesday’s shortfall under the EFL’s insolvency guidelines was substantially smaller than Derby’s when all of the money owing to their unsecured creditors was included.

“There appears to be a lot of confusion about the SWFC zero point ruling when compared to the zero points Derby also received,” Wigfield said on his personal X account.

“Both clubs paid/are paying 25p per £ to unsecured creditors.

“The Derby owner entirely paid off his loan.

“The Wednesday owner received a big offer.

“Derby paid 25p in the pound and left the taxman owing tens of millions (EFL Insolvency Policy recommends 100p – discretion displayed).

“On Wednesday, we will pay up all owed (100p in the £) to HMRC.

“I’m not sure why some people believe Wednesday should be paid more than Derby for entering administration when the shortfall to creditors is so much lower in the case of SWFC?

“Furthermore, the shortfall against EFL Insolvency Policy is also much less in the case of SWFC.”

Sheffield Wednesday are preparing for life in League One after a terrible Championship season.

Henrik Pedersen’s squad went seven months without a win before a 2-1 triumph over West Brom on the final day of the season.

Nathaniel Chalobah and Liam Palmer scored goals to secure the club’s first home win of the season, ushering in a new era under Storch ownership.

The Danish coach will now look to rebuild the squad for next season, with the club aiming for promotion.

Sheffield Wednesday can now put the administration behind them. Wigfield has explained the situation for those club supporters who are unsure about the terms of the takeover.

However, the entire takeover process is now complete, and Sheffield Wednesday can embark on a new chapter with new owners.

Supporters will be relieved to see Storch in the door, especially since Chansiri was a divisive character throughout his tenure as owner.

Being able to begin next season with zero points is a huge advantage for the team, and it means they may even be able to challenge for promotion right away if the squad reconstruction is effective this summer.