Sheffield Wednesday is still in administration following Dejphon Chansiri’s disastrous term as owner and chairman of the South Yorkshire club, but the Independent Football Regulator is unable to assess prospective owners at this time.

Wednesday’s preferred bidder has been named James Bord, as the Championship side looks to build for the future.

Meanwhile, the Owls’ financial woes have had a negative impact on their on-field performance, as Henrik Pedersen’s team has won only one league game and is still on zero points due to deductions.

The Hillsborough club was dealt another blow on Wednesday as club veteran Barry Bannan joined Millwall, while the London club will hope he can help them secure a play-off spot.

Sheffield Wednesday learns when the Independent Football Regulator’s powers over new owners come into effect.

Wednesday fans are desperate for the club’s administration and dreadful campaign to end.

Meanwhile, BBC Sheffield’s Rob Staton disclosed on X that he had called the Independent Football Regulator to inquire about their present powers and potential involvement in the Owls’ forthcoming purchase.

The bureau informed Staton: “The IFR can now assess incumbent owners, directors, and new senior executives as well as exercise new investigations, sanctions, and enforcement powers.”If we have concerns about a club’s current owner, director, or top executive, we can intervene and take action as needed.The IFR’s powers in respect to new owners, directors, and top executives will take effect at the end of the current season. Until then, new owners are subject to the EFL’s fit and proper person checks.We are still in contact with Begbies Traynor and EFL regarding the SWFC administration process.

Sheffield Wednesday will undoubtedly have a rough finale to the winter transfer season.

Wednesday supporters will be thrilled to learn that the Independent Football Regulator’s powers over their takeover process could be enforced before the end of the current Championship season.

For the time being, Owls fans are witnessing their team wave farewell to favourites such as Bannan, while former stars Josh Windass and Djeidi Gassama left South Yorkshire last summer.

Meanwhile, Stoke City, Millwall, and Portsmouth are all interested in Svante Ingelsson, raising the prospect of another exit before the transfer market ends on Monday.

Wednesday rejected Millwall’s £300,000 proposal for Ingelsson, but their determination over the midfielder’s future will be put to the test while the club is in administration.

The 27-year-old has been a crucial role for Pedersen’s side this season, featuring in 27 of their 28 Championship games and scoring once.

In better news for Hillsborough fans, Wednesday are looking to sign Manchester City starlet Stephen Mfuni on loan, but most fans are still waiting for more takeover developments.