Sheffield Wednesday has finally made progress, but not yet reached a conclusion.

The Owls’ long-running ownership dilemma took a step ahead on Christmas Eve, when administrators announced their desire to award preferred bidder status to a consortium led by James Bord.

For a fandom weary after months of drift, administration, and point deductions, it was a moment of cautious relief.

However, preferred bidder status does not constitute ownership.

With January approaching, Wednesday faces a tight and merciless timeframe in which any delay might have serious ramifications – for the squad, the balance sheet, and next season’s competitive status.

Administrators have identified their preferred Sheffield Wednesday owner.

Begbies Traynor announced on December 24th that they want to proceed with a preferred bidder once the initial bidding process was completed.

The BBC later disclosed that the bidder was James Bord, who owns Dunfermline Athletic and has minority stakes in teams in Spain and Bulgaria.

In a statement, joint Owls administrator Paul Stanley stated that the proposal provided “certainty,” describing it as fully funded, with clear financial assurances and a structure that would handle creditor obligations in accordance with EFL guidelines.

Crucially, administrators stated that no more sporting punishments were expected as part of the agreement.

That guarantee is significant. Wednesday are already at the bottom of the Championship after receiving an 18-point deduction for entering administration, and clarity on future penalties is now as crucial as on-field survival.

Consequences loom for Sheffield Wednesday takeover; deadline set for end of January.

The immediate worry is financial flow. Journalist Alan Nixon wrote on Patreon that Sheffield Wednesday may be compelled to sell key young assets at the end of the January transfer window to avoid a gap before the window reopens, if a takeover is delayed and does not stabilize the Owls’ current position.

Pierce Charles, a goalkeeper, has been named alongside other academy players. The warning reflects a structural reality: the financial breathing room provided by Dejphon Chansiri’s departure is limited.

A £1 million loan from an anonymous Owls supporter, combined with short-term fundraising efforts, meant that wages were paid in October, November, and December. Beyond that, the safety net becomes thinner.

Nixon also stated that removing manager Henrik Pedersen would be costly if new owners wanted to change direction.

The Dane is on a three-year deal, with a “big” payment apparently necessary if he is fired – another financial worry for a team already functioning on the edges.

Potential owner discusses his ambition for Sheffield Wednesday.

Confusion reigned briefly after the chosen bidder announcement.

Earlier that day, rival bidder David Storch spoke at length with BBC Radio Sheffield about his vision for the Owls, which included governance reform, academy investment, and professionalised leadership structures.

Storch also confirmed that his bid would match the EFL’s “25p-in-the-pound” threshold for unsecured creditors, resulting in no further points deductions next season.

Following John McEvoy’s exit, he disclosed a new consortium partner, fueling speculation among supporters that his interview was cleverly timed.

When the BBC later revealed that Bord, not Storch, had been granted preferred bidder status, several Wednesday supporters were left wondering how close the competition had been, and why rival ideas had been broadcast so publicly on the same day.

Questions remain for future James Bord ownership at Hillsborough, including points deductions and the EFL test.

Despite administrator confidence, significant questions persist.

If Bord’s consortium is ultimately unwilling or unable to comply with the EFL’s creditor guidelines, which include paying all secured debt and at least 25 pence on unsecured debt, Wednesday will risk an additional 15-point deduction next season, almost definitely in League One.

That will not be confirmed until the takeover is completed.

There are also concerns regarding regulatory approval. Bord’s experience includes work with gambling and analytics firms, and while nothing has been formally addressed, some supporters are concerned about the Owners’ and Directors’ Test and how long it will take to pass.

Wednesday is currently in limbo: too fragile to wait indefinitely, yet too crucial to haste foolishly.

The football may already feel like a washout, but the next four weeks will shape far more than the final league standings.

If a takeover is not completed by the end of January, the cost will not be considered abstract. It will be measured by the number of players sold, the loss of leverage, and another step away from stability.