Sheffield Wednesday is still in administration, but there could be light at the end of the tunnel for the Owls, with Mike Ashley reportedly interested in purchasing the Steel City club.

Wednesday’s chosen bidder was James Bord, but the former professional poker player’s takeover agreement fell through after his consortium determined that the South Yorkshire outfit’s valuation was lower than their bid.

Meanwhile, Sheffield United overcame the Owls in last month’s Steel City Derby at Bramall Lane, confirming their relegation to League One.

Wednesday have been punished 18 points this season and will face an additional 15-point deduction next season if their new owners do not meet the 25p in the pound to creditors criteria.

Mike Ashley likely to make a fresh Sheffield Wednesday offer imminently.

Henrik Pedersen’s side has not won a Championship game since defeating Portsmouth in September, and they will be looking for their second win of the season when they travel to Derby County, who have also struggled with administration in recent years, on Saturday.

Ashley and David Storch are the current frontrunners for a Wednesday takeover, with further bids for the South Yorkshire club likely on Friday.

The Telegraph reported on Thursday that former Newcastle United owner Ashley is poised to make a new offer for the Owls within the next 24 hours, and administrators expect final bids to be received before the weekend.

According to the Telegraph, Newcastle’s former owner made an offer of roughly £20 million to administrators Begbies Traynor to buy Wednesday on November 25 and has maintained his interest in the Hillsborough club.

Meanwhile, before the Bord agreement collapsed, Storch’s group issued a declaration of intent: “We remain incredibly passionate about the opportunity at Sheffield Wednesday and seeing the club return to its former glory.” We wish the favored bidder success in the process, but are prepared to step in if the chance arises again.”We know everyone is disappointed with the relegation, but we wish the club well as they finish the current season.”

Charlie Methven, a former Sunderland co-owner and former Charlton Athletic CEO, is also interested in a Wednesday takeover after serving on the Addicks’ board during their League One promotion-winning season.

However, Methven trails Ashley and Storch in the bidding process, with the administration eager to finalize a transaction as soon as possible.

If an Owls takeover is completed before May, the potential owners will be subject to the EFL’s Owners’ and Directors’ Test; however, if the process extends into the fifth month of the year, sale confirmation obligations will fall to the Independent Football Regulator.

Sheffield Wednesday should be thrilled with Mike Ashley’s £100 million upgrades.

Wednesday’s previous owner, Dejphon Chansiri, was extremely inattentive, as evidenced by the fact that he forced the S6 side into administration.

Following the difficulties that the Thai businessman inflicted on their club, Hillsborough supporters will expect a substantial financial commitment from their future owner, both on and off the field.

With that in mind, Owls supporters should be relieved that Ashley is willing to spend roughly £100 million if he completes his Wednesday takeover.

Pedersen has lost numerous key players in the last two transfer windows, notably Josh Windass, who is now competing for Premier League promotion with Wrexham, and club veteran Barry Bannan.

Pedersen has also stated a desire for investment in Wednesday’s training pitches, and some of Ashley’s £100 million budget should go into much-needed stadium enhancements.