Sheffield Wednesday are racing against the clock to find a new buyer after James Bord’s deal for the club fell through.

The professional poker player led a consortium that was designated the favored candidate to take over the Championship team in December.

However, the deal collapsed before the EFL could certify it with administrators Begbies Traynor, putting the Yorkshire club at square one.

It has been claimed that Mike Ashley and the Storch family are still interested in purchasing the Owls, despite losing out in the initial round of discussions.

Despite having only a few months left in the season, Henrik Pedersen’s side has already been relegated to League One.

Sheffield Wednesday has received a total of 18 points in deduction penalties from the EFL this year as a result of falling into administration and breaking financial rules.

Sheffield Wednesday Takeover Update

Alan Nixon claimed that Begbies Traynor had received the offers following Friday’s deadline.

The Storch family is thought to have made a substantially higher bid than Ashley at this point, but it may not be enough to gain preferred bidder status.

It is thought that neither offer has exceeded the amount required to avoid another 15-point penalty for next season.

However, Ashley remains in a strong position to take control the club, as acceptance of his bid will be expedited because the Storch family’s fortune is invested abroad.

Sheffield Wednesday are thought to have enough money to get through the rest of the season, but they will swiftly run out as the year progresses, unless anything changes.

This adds to the pressure to find a preferred bidder fast, and the timeframe for completing a takeover will be considered during the bidding process.

Given the short amount of time before they run out of money, the prospective new owner of Sheffield Wednesday will need to pump money into the club swiftly in order to ensure a sale can go through.

The Owls will be hoping for a quick settlement so they can be ready for life in League One.

However, because these offers do not meet the reserve asking price, all creditors will not be paid at 25p in the pound, resulting in a 15-point punishment from the EFL that will take effect in the next campaign.

Time is running out for Sheffield Wednesday.

The good news for Sheffield Wednesday is that two groups have made bids to buy the club, giving some confidence that a deal is imminent.

The bad news is that a 15-point penalty for next season appears to be unavoidable, which will place the new owner at a disadvantage with fans.

It virtually condemns the team to at least two seasons in League One, with the possibility of relegation to League Two next year.

A lot of investment will be needed over the next couple of seasons in order to get the squad back into competitive shape, but at least the bidding process is moving at a good pace and that should mean a new can be found swiftly now.