David Storch has finalized his ownership of Sheffield Wednesday, ushering in a new era.

Wednesday endured a disastrous season, being relegated from the Championship with only two wins all season, and spending over six months in administration following the departure of former owner Dejphon Chansiri in October.

However, following a lengthy acquisition procedure, Storch’s Arise Capital Partners consortium completed their ownership of the Owls earlier this month, and it is fair to say they have made a good first impression at Hillsborough.

Despite fears of a new fine, Wednesday will not face a 15-point deduction in League. Next season, Chansiri will be declared obstructive because Storch sought to contact him to seek an agreement on his debt, while the club will also be exempt from a £7,000 weekly pay ceiling and a £7 million seasonal spend restriction, another huge victory for the new ownership.

With Storch in place, the Owls can begin work on what is expected to be a significant summer rebuild. It was announced on Saturday morning that senior duo Liam Cooper and Jarvis Thornton have been offered new contracts, while options have been exercised for Liam Palmer, Ernie Weaver, Svante Ingelsson, and George Brown.

However, a number of players will leave Wednesday at the conclusion of their current contracts this summer, including Nathaniel Chalobah, Marvelous Nakamba, and Rio Shipston, with long-serving defender Dominic Iorfa being possibly the most high-profile departure.

Dominic Iorfa gives a message to Sheffield Wednesday following the Hillsborough exit announcement.

Iorfa joined Wednesday from Wolverhampton Wanderers in January 2019 for a reported sum of about £500,000, becoming the club’s first signing during Steve Bruce’s brief tenure as manager.

The 30-year-old went on to score seven goals and five assists in 222 games for the Owls, and he was a regular for Henrik Pedersen’s side this season, scoring once in 34 games.

Iorfa has drawn plenty of interest from other clubs over the last seven-and-a-half years, particularly in the summer of 2023, when he was connected with Preston North End and Croatian side Dinamo Zagreb, but he has remained faithful to Wednesday.

Despite interest from higher levels, Iorfa has decided to leave Hillsborough when his contract expires in June. He shared a poignant message with Owls fans on social media after his departure was confirmed.Iorfa, who has been with Sheffield Wednesday for seven and a half years and eight seasons,

announced his departure from the club on Instagram.I’m proud to wear the shirt and represent this club. Although there have been ups and downs, memorable events such as promotion, staying up on the penultimate day, and the atmosphere during the final game will remain with me.

Thank you to the best fans out there for your tremendous support and for making me and my family feel right at home from the beginning. Hearing ‘fastest man in Yorkshire’ sing was a memorable and unforgettable experience for me.Thank you to all of my teammates, past and present.

“I’ve met amazing people and made lifelong friends in the dressing room.”A special thanks to all of the staff, physios, coaches, and everyone else who worked behind the scenes. You’ve been fantastic to me throughout my stay here, and I’ll be eternally grateful.

Sheffield will always hold a particular place in my heart, especially as my children were born here and are now Wednesday supporters.It’s been a difficult season, but with new ownership, I’m confident that better days are ahead and the club will be back where it belongs. I wish Wednesday all the best in the future.

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Dominic Iorfa’s departure is a setback to Sheffield Wednesday ahead of League One return.

Iorfa may have struggled with injuries at times during his time with Wednesday, but when healthy, he was a consistent and reliable defender, and his performances earned him firm fan favourite status at Hillsborough.

Owls fans may have expected Iorfa to stay with the club following their previous relegation to League One in 2021, but it is difficult to blame him for wanting to pursue opportunities at higher levels, especially at this stage of his career.

Losing Iorfa is definitely a setback for Wednesday, but there were fewer departures confirmed on the retained list than expected, giving Pedersen a solid basis to build on as he begins his summer squad revamp.