Sheffield Wednesday’s sale from administration is taking a long time, and it could take much longer. If it lasts until May, there may be significant changes ahead.

It appears reasonable to conclude that 2026 has thus far proceeded in much the same way that 2025 ended for Sheffield Wednesday. On the football, relegation is already a certainty, and it appears that it will become a mathematical one in just a few weeks. The squad has failed to score in any of its eight League matches since Boxing Day, and they remain adrift at the bottom of the Championship table, 39 points from safety and still -7.

Behind the scenes, things aren’t going so well. They lost Barry Bannan, Bailey Cadamarteri, and Yisa Alao during the transfer window as the club struggled to stay afloat financially, and the club’s takeover by a consortium led by former professional gambler and Sheffield United advisor James Bord appears to be no closer to completion.

Bord was named the preferred bidder for Sheffield Wednesday on Christmas Eve, but the EFL must approve those who will own the club in order to meet their Owners & Directors Test, which has proven difficult. And now it’s clear that there could be another twist in this tale if the matter isn’t resolved by May.

If Sheffield Wednesday are not sold by May, the Independent Football Regulator may become involved.

With it now being 100 days since Sheffield Wednesday went into administration on October 24th, The Times has published a study into what has happened at the club since then, and one detail has revealed that there may yet be a twist in the club’s takeover.

Their article states that “If the EFL has not come to a decision by May, the newly-created Independent Football Regulator (IFR) will take on the case as that is when its powers come into effect” . Explaining that “from that point, the IFR, led by David Kogan, has to ratify new owners and investigations can be raised into incumbent owners too if it has a reason to investigate” .

The potential of this happening appears to be being considered, with The Times reporting that “the IFR said that it is in contact with the EFL and the administrators”.

Sheffield Wednesday’s takeover is being delayed due to the prospective owners’ links to the gambling business.

Although James Bord led the consortium to buy Sheffield Wednesday, he is not the only one involved, with 31-year-old German entrepreneur Felix Römer, who owns a crypto-gambling casino, and Alsharif Faisal Bin Jamil, a Jordanian royal family member, also on board.

The delay is due to the source of finance for the purchase of the club. The EFL is taking its time to determine whether the transaction would be predominantly supported by gambling and crypto-gaming profits. There is no public record of Bord’s riches other than reported career poker winnings of slightly more than £3 million, and the bidders’ gambling history may complicate the transaction.

Bord and Römer’s advisers stated that the Wednesday bid was privately funded, with the couple having generated money from investments in technology and analytics, although actual information regarding this has been difficult to obtain.

Since 2014, the FA has banned gambling for all participants, including club owners. Tony Bloom of Brighton & Hove Albion and Matthew Benham of Brentford were granted special dispensation to continue trading because they were already owners at the time the embargo was implemented. As part of that deal, Bloom and Benham allow the accounts of their betting companies, Starlizard and Smartodds, to be audited independently on behalf of the FA.

It’s unclear what would happen if Sheffield Wednesday’s takeover was not completed by the time the Independent Football Regulator (IFR) took control in May, but the BBC reported in July 2025 that the regulator would have broad new powers, including:

Tough new financial regulations to ensure clubs’ long-term sustainability.
Stronger tests to deter rogue owners
New standards for fan participation in club decision-making.
Clubs are prohibited from participating in closed contests or breakaway leagues.Backstop powers to ensure a balanced financial allocation across leagues
Protections for essential club legacy characteristics such as home kit colors, club insignia, and stadium changes
With little information concerning the EFL’s ongoing inquiry, there is still no end date for the club’s takeover. With the season already over with one iconic player and two extremely promising teenagers lost in the January transfer window, Sheffield Wednesday fans can’t wait for the end of this difficult era in the club’s history.