Sheffield Wednesday’s proposed acquisition by James Bord has not to be completed, and the administrators are prepared for another financial hit in the coming weeks, this time involving out-of-favour striker Ike Ugbo.

Relegation to the League One is practically a given now for the Owls, who are struggling both on and off the pitch while they seek a replacement for Dejphon Chansiri as owner, with Bord – who was listed as the preferred bidder on Christmas Eve – still awaiting EFL approval.

And a new financial hit is on the way for Wednesday and their administrators, and for a club already in administration and facing relegation, it is just another reminder that the consequences of previous mistakes continue to define a terribly uncertain present.

Sheffield Wednesday faces £500k. Ike Ugbo’s payment comes despite government concerns.

An update from journalist Alan Nixon paints a dismal picture of Sheffield Wednesday’s upcoming six-figure payout.

The Owls’ administrators are once again rushing to balance the books as the next installment of Ike Ugbo’s transfer fee, £500,000, falls due in 2024.

The striker was bought permanently from French club Troyes for £2.5 million in August a year and a half ago, following a successful loan spell, but the deal’s structure means Wednesday are still obligated to make additional payments.

These payments, Nixon observes, cannot be ignored.

Failure to pay their duties to Troyes would expose the club to FIFA fines, adding a layer of risk to an already fragile scenario.

It’s a striking example of how transfer business agreed upon in more optimistic times can become an anchor when things quickly sour.

The issue is exacerbated by Ugbo’s wages. He is thought to be the club’s second-highest earner, a position that contrasts with his return when the move became permanent; Capology estimates that the Canada international earns £20,000 per week at Hillsborough.

While former head coach Danny Rohl is alleged to have advocated for the transaction, the goals that made Ugbo a cult hero during his loan term have vanished. Since signing full-time, he has yet to register a league goal for the Owls, which has caused concern among everyone involved.

Ike Ugbo’s problems, Barry Bannan’s interest, and takeover uncertainty exacerbate Hillsborough crisis.

Ugbo’s challenges are representative of a larger crisis. Under Henrik Pedersen, Wednesday is still in the bottom of the Championship, with minus seven points.

Ugbo’s personal drought now exceeds 50 Championship outings without a goal, making him more difficult to move on in a market already constrained by the club’s embargo.

The January timeframe provides little immediate assistance. Wednesday is short on numbers and limited in what they can accomplish, so dumping Ugbo now might cause more problems than it solves.

A summer exit is more plausible, but with a contract until 2028 and form in freefall, any fee is likely to be a big loss.

The feeling of being trapped spreads beyond one participant. Interest in Barry Bannan, the club captain and emotional lifeblood of the squad, highlights the mounting pressure at Hillsborough.

Clubs in England and Scotland are circling, knowing that Wednesday cannot offer better conditions and that administrators will eventually hold the cards.

Max Lowe, Charlie McNeill, Pierce Charles, Bailey Cadamarteri, and Yisa Alao have all sparked interest in the January transfer window.

All of this occurs against the backdrop of a proposed purchase by a group led by James Bord. Supporters are yearning for confirmation, thinking that new ownership will finally bring an end to years of chaos.

However, even if Bord’s proposal is granted, it will not eliminate current liabilities. The Ugbo payments, and others like them, are still part of the bequest.

For Wednesday fans, the dissatisfaction is more than just one misfiring striker or a missed payment. It is about a series of short-term gambles that left the club vulnerable when the money ran out.

As another bill arrives on the desk, the lesson becomes painfully clear: the cost of survival decisions is still being paid long after the optimism fades.