Sheffield Wednesday is expecting that a change in ownership will be confirmed in the coming weeks.

The Owls have been in administration since October, but a new preferred bidder was announced in March after an initial acquisition arrangement fell through in February.

In December, administrators Begbies Traynor chose a group led by James Bord as their preferred alternative, however they later withdrew from the deal.

Now, Arise Capital Partners, managed by David Storch, is slated to take over the Championship side.

However, they face a 15-point reduction punishment for next season for failing to comply with the EFL’s requirements on paying the club’s creditors at a rate of 25p per pound.

It was believed that previous owner Dejphon Chansiri would waive the £15 million owed to him, potentially allowing Sheffield Wednesday to avoid this penalty.

Dejphon Chansiri’s administrative proposal attitude

The Star stated that Chansiri had rejected Begbies Traynor’s bid for the Sheffield 3 portion of the administration process.

The Thai businessman’s separate ownership of the Hillsborough stadium through Sheffield 3 was also transferred to them in order to facilitate the transition to a new owner.

The 57-year-old has rejected a plan about the “financial remuneration and disbursements of the administration.”

Last week, a virtual meeting was held between the former Sheffield Wednesday owner and Begbies Traynor, who were represented by Paul Stanley. Chansiri confirmed his opposition to the idea, which will now result in legal action.

Stanley posted a public notice on the First Gazette website outlining the objective of the meeting.

“The purpose of the meeting is for creditors to consider a decision on the approval of the administrators’ proposals and approval of the administrators’ remuneration and disbursements, and if the creditors think fit, to appoint a creditor committee,” according to him.

And it is understood that Chansiri has made it plain that he objects, with legal proceedings expected to begin in order to reach a settlement.

It is thought that this will have no effect on the schedule for Storch’s takeover of Sheffield Wednesday.