Sheffield Wednesday fell into administration in October, and it has been almost 100 days since then.

Dejphon Chansiri, the Owls’ previous owner, was a hugely disliked figure as the team failed owing to financial mismanagement.

Begbies Traynor was hired to supervise a change in ownership, and a bid led by James Bord was chosen as the preferred choice for taking over the Championship club.

The decision was taken in December, but the EFL has yet to ratify the agreement.

Here’s the latest news on Sheffield Wednesday’s takeover issue.

The probable impact of the independent regulator on Sheffield Wednesday

It is uncertain when the EFL will make a decision on Bord’s bid to buy Sheffield Wednesday.

According to The Times, if no progress is achieved, the UK’s independent football regulator (IFR) will take over the case in May.

This is deemed to be within the IFR’s jurisdiction, as they have previously contacted the EFL and Begbies Traynor about the situation.

Supporters will be hoping for a settlement by then, but if ratification has not been received by that time, the IFR will take charge of the process.

January sales kept the lights on at Sheffield Wednesday.

Sheffield Wednesday suffered a setback when Yisa Alao and Bailey Cadamarteri were sold at the end of the January transfer window.

The two were vital members of Henrik Pedersen’s side, and they had the potential to do great things at Hillsborough.

However, they were sold to Chelsea and Wrexham, respectively, and the club’s administrators have since revealed that this choice was made to secure bill payment.

Kris Wigfield stated in a statement on the club’s website that it was their responsibility to guarantee funds were available for the Owls’ day-to-day operations, as they had to plan for every possible outcome, even with a preferred bidder already identified.

Mike Ashley and the Storch family are on standby

While Bord’s group was declared the preferred bidder in December, it is unclear whether his proposed takeover would be approved by the EFL.

There are allegedly concerns about their capacity to pass the Owners and Directors’ Test.

The Times claims that Mike Ashley and the Storch family, both involved in the first bidding process, are on standby in case the acquisition fails.

It is also possible that additional bidders will emerge, with a number of other parties engaging in the negotiating process in the weeks preceding Bord’s offer being designated the preferred choice.

Sheffield Wednesday’s takeover financing

It has been disclosed how much Bord has offered to buy Sheffield Wednesday for, including a £30 million reserve price.

According to The Times, the former poker players’ partnership has agreed to pay £32.5 million for the Championship side.

It is understood that this piqued the interest of competing buyers, and it should ensure that all creditors are paid in full, avoiding a 15-point deduction penalty for the team next season.

Begbies Traynor is also expected to get roughly £2 million for its involvement in managing the administration process.