Sheffield Wednesday’s potential takeover received another disheartening update yesterday, when James Bord withdrew his official bid for the Championship club.

It’s been a very frustrating few years for everyone involved with Sheffield Wednesday, with the main attention in recent years being on off-field issues brought by former owner Dejphon Chansiri.

Late wage payments appear to have interrupted any momentum that the Sheffield Wednesday players were hoping to build, but the results on the pitch have also been disappointing.

The Owls are at the bottom of the Championship table and have already been relegated to English football’s third tier after losing to local rivals Sheffield United.

According to the Irish News, via the Press Association, new bids to purchase the club are expected by Friday, with former Newcastle United owner Mike Ashley among those expected to table an official bid, though Ashley will not be directly involved in the bid, with his Frasers Group company handling the potential deal.

Former Sunderland chief executive Charlie Methven has also been linked with a potential bid for Sheffield Wednesday, with the Sheffield Star’s Alex Miller disclosing their interest, however a deal may be difficult to agree given the time restrictions.

Staton explains Sheffield Wednesday’s expectations for new owners.

In an interview with BBC Sheffield, Senior Sports Journalist Rob Staton recommended that new owners take advantage of possibilities as soon as possible.Moving forward, you must operate as a football club. You must engage your fanbase. Look at how Sheffield Wednesday came together when administrations were formed. That’s the kind of camaraderie and vibe the new owner must recreate now.

“They have to take everyone on a journey; they can’t just say, ‘We know best, you’re customers, like it or lump it,’ which has felt a lot like Chansiri’s attitude. They need to engage their audience and take them on a journey.”

Attendance at Hillsborough has steadily declined over the years, and who can blame the Sheffield Wednesday fanbase? It’s been a dreadful few years under Dejphon Chansiri’s management, and with outcomes on the pitch mirroring the depressing environment inside Hillsborough, it’s critical that new owners rapidly gain the fans’ support.

League One offers a fresh start for the Owls.

Obviously, no team wants to be relegated, but Sheffield Wednesday’s off-field transgressions caught up with them this season.

They’re a club with a significant presence in English football, and if the prospective new owners can address the financial side of things quickly, you’d expect any potential signings to be enticed by a move to Hillsborough, especially if the Owls are on track to return to the Championship at the first time of asking.

There are still some notable teams battling for promotion in the third tier, so returning to the Championship will not be easy, but with smart recruitment and much-needed off-field stability, Sheffield Wednesday are more than capable of challenging at the right end of the table next season.