Sheffield Wednesday’s long-running takeover crisis took another turn last week, when James Bord’s group withdrew out of a deal to buy the club.

Wednesday have been on the market since former owner Dejphon Chansiri placed the club into administration in October, but more than four months later, a takeover deal has yet to be concluded.

The Owls appeared to be on the verge of new ownership after Bord’s consortium was named the preferred bidder on Christmas Eve, but they withdrew from the running last week, claiming that their offer, estimated to be worth £47.8 million, did not reflect the club’s true value.

While Wednesday are essentially back at square one in their ownership search, there is still thought to be a lot of interest in the club, with former Newcastle United owner Mike Ashley and the Storch family both expected to make bids before Friday’s deadline, and a group led by ex-Sunderland co-owner Charlie Methven is also considering an offer.

However, none of the proposals are anticipated to come close to the sum given by Bord’s group, which might not only cause financial anguish for Chansiri but also have serious ramifications for the Owls.

Dejphon Chansiri is prepared for a significant financial hit following Sheffield Wednesday’s takeover twist.

Chansiri was claimed to have demanded £100 million for Wednesday at the start of the season, but despite being forced to put the club into administration after failing to reach an agreement on a takeover, he was still expected to enjoy a windfall.

With EFL rules requiring creditors to be paid 25p in the pound, Chansiri was owed £15 million when the Owls were sold, and Bord’s group’s offer guaranteed that he would receive that sum in full.

However, the new round of bids is expected to fall short of the £30 million reserve price, with the asking price for the club being estimated to be about £10-20 million, resulting in Chansiri losing money.

According to journalist Alan Nixon, Chansiri could receive as little as £1 million from Wednesday’s sale, which could present considerable problems for the Thai billionaire, who was hoped to use the proceeds to pay off a loan secured against his acquisition of the site.

However, because that loan is worth more than the money he would receive from the Owls’ sale, Chansiri will have to settle it with his own personal riches, and it is uncertain how much of his cash remains at this point, given the financial difficulties he had near the conclusion of his stint at Hillsborough.

Sheffield Wednesday could face another relegation nightmare in the League. One following season.

Many Wednesday fans believe that Chansiri deserves nothing for destroying the club, but their delight may be short-lived.

If the Owls’ new owner is unable to comply with the EFL’s 25p in the pound guideline, the club will most certainly face a 15-point deduction in League One next season, putting them in danger of relegation twice.

Wednesday will be one of the largest teams in the third division next season, and even with a points punishment, they will be an appealing prospect, allowing them to assemble a competitive squad during the summer transfer window.

If the Owls are to start on zero points next season, they must strike the ground running right away, but considering the size of the overhaul that will be required, and with much of the present squad out of contract, the new-look team may take some time to gel.

Last season, Crawley Town finished in the final relegation spot in League One with 46 points, and the 21st-placed team’s total looks set to be even higher this time around, so if they receive a 15-point deduction, Wednesday may need to accumulate around 65 points on the pitch to avoid relegation.

Inverness Caledonian Thistle were given a 15-point deduction for entering administration last season and not only survived, but also managed to stay out of the relegation play-offs, demonstrating that it does not have to be a fatal punishment, especially if you have one of the league’s better squads.

However, as the Owls experienced this season, albeit under extraordinary circumstances, escaping zero points may be exceedingly difficult, and if the sentence is as harsh as feared, relegation to League Two is not out of the question.