Kris Wigfield, Sheffield Wednesday’s administrator, has issued an update that will frustrate Owls fans as they await a takeover.

James Bord remains the Owls’ favorite bidder, although the American is being sued by his former business partner, Jonathan Cohen, for his investment in Cordoba, a Spanish second-tier team.

The South Yorkshire club requires a takeover to be finalized well in advance of next season to ensure that they are well-prepared to return to the Championship.

Wigfield has claimed that Wednesday have a lesser pay budget than certain League Two clubs, providing a scathing look into the Hillsborough club’s financial struggles.

Kris Wigfield examines the challenges of the Sheffield Wednesday purchase.

Wigfield has stated that Wednesday are currently losing £1 million per month as administration continues to take a toll both on and off the pitch.

For several months, the Owls have been resigned to relegation to League One, and a defeat to cross-city rivals Sheffield United on Sunday will clinch their destiny.

Meanwhile, Wigfield explained to BBC Radio Sheffield on Thursday where the takeover process is presently at: “The preferred bidder paid a substantial seven-figure sum on Christmas Eve, and that gave them preferred bidder status until January 31.” The preferred bidder status can be rolled out on a fortnightly basis by financing the expected cash flow losses for two weeks.They exercised that option at the end of January to prolong their preferred bidder status until February 14th. Then, last week, they made another payment to extend the term of exclusivity until the end of February. We are now in a transitional stage, with the Independent Football Regulator (IFR) screening new owners beginning in May.Until then, the EFL has that responsibility. It’s not a great time for us (or the selected bidder). To be fair, it’s probably not the best option for the EFL or IFR. The winning bidder provided extensive information to the IFR and EFL during January.Last week, the IFR and EFL independently asked the preferred bidder for additional questions and clarifications. Fans are frustrated that these questions cannot be answered in writing. I understand the preferred bidder responded to the IFR yesterday (Wednesday) and intends to respond to the EFL by the weekend. Many of them will require third-party clarifications, such as from bankers, auditors, lawyers, or co-investors from the preferred bidder’s businesses and interests. The information that they pass back is confidential.

Independent Football Regulator involvement may mean Sheffield Wednesday’s takeover will not be completed until May.

Wigfield has confirmed that Bord is in contact with both the IFR and the EFL, but the former will not have the authority to approve the American takeover until May.

This means that Bord, who owns Scottish Championship club Dunfermline Athletic, may not complete the purchase of Wednesday until the current season ends.

Furthermore, as revealed by The Guardian last month, the EFL is investigating if the American’s takeover finances are derived from gaming earnings.

The probable delay will irritate Wednesday fans, who really want to see their team go in a positive path once more.

Until a takeover is completed, the Owls cannot begin preparation for the 2018 League One season, and the future of manager Henrik Pedersen remains uncertain.