Sheffield Wednesday is still in administration, but significant takeover developments may soon provide supporters with new optimism.

Former frontrunner James Bord’s Wednesday takeover fell through, leaving Mike Ashley and David Storch as the prime prospects to guide the Owls into the next chapter.

The S6 club has already been relegated to League One, so prospective owners will need to prepare for life in the third division next season.

Following the failure of the Bord consortium, Ashley and Storch are seeking to become the Owls’ next preferred bidder, while former Sunderland co-owner Charlie Methven is also interested in taking over the club on Wednesday.

The prospective owners of the South Yorkshire club will have to pass the EFL’s Owners’ and Directors’ exam, and the Independent Football Regulator will be able to approve takeovers by May.

Football League World summarizes all of the recent happenings at Hillsborough as Wednesday’s administrators continue their search for new owners.

Sheffield Wednesday receives various takeover bids.

The Owls cannot move forward until new owners are in place, therefore they are currently in limbo.

Wednesday supporters will be glad to learn that, according to the Sheffield Star, the administration received multiple proposals on Friday.

Administrators Begbies Traynor set a Friday afternoon deadline for formal offers, with Storch and Ashley retaining the two top candidates for preferred bidder designation.

According to The Star’s Alex Miller, reasons for further evaluation of preferred bidders will include the highest bids coming in close together, unvetted parties lodging late bids, and the complexity of offer structures.

Meanwhile, former Wednesday midfielder Carlton Palmer has supported Ashley’s takeover bid.

Sheffield Wednesday administrators released a financial report.

Bord lost around £4 million while covering Wednesday’s losses with his preferred bidder status in effect.

Meanwhile, the Owls’ administrators issued an interim financial report.

Some of the most notable facts are that the Hillsborough club has made £1.5 million in player sales since entering administration, but administration fees have cost £2.27 million at an average hourly rate of £471.50 plus VAT.

Wednesday supporters deserve a lot of credit for the club’s £1.01 million in product sales since the administrators arrived.

Sheffield Wednesday deposit expected to play vital part in takeover developments.

To avoid a 15-point deduction from the EFL next season, the Owls’ bidders must pay the creditors 25 pence for every £1 outstanding.

However, Alan Nixon has stated on Patreon that none of the bidders have met that criteria, and a deposit may be required when the administrators select a new favorite bidder.

According to Nixon’s story, Ashley’s buyout offer is much smaller than that of Storch, whose group is thought to have made the highest bid.

As with Bord, the Owls’ next preferred buyer would have to provide up money, while the EFL would need to ensure that money is available to fund the following season.