Sheffield Wednesday takeover latest as bidder clears 'major hurdle' after talks
Prospective Sheffield Wednesday owner David Storch says he has held "productive conversations" with the Football League as the crisis-hit club edges closer to a new era. Storch's consortium are the preferred bidder for Wednesday, who are looking for new owners after the disastrous reign of Dejphon Chansiri.
The Owls have been in administration since October and are braced to start next season in League One as their miserable campaign draws to a close. Storch, his son Michael and Tom Costin are fronting American private equity company Arise Capital Partners as they try to complete a takeover.
The process has dragged on, with Storch's group stepping into the void after a group fronted by James Bord dropped out of the running in late February. Wednesday were deducted 18 points earlier this season and things have been complicated by the threat of further sanctions.
A 15-point penalty could be applied for the 2026/27 campaign under EFL rules which demand Wednesday's creditors, including Chansiri, be paid. The club are in huge amount of debt and Storch and his fellow investors have been locked in talks with the EFL over a way forward.
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"I'm pleased that we cleared a major hurdle yesterday as we move towards our goal of taking ownership of this wonderful club by the end of the season," he wrote on X. "I'm grateful to the EFL and the administrators for such productive conversations this last week.
"I want you all to know that my team and I are working tirelessly, and are absolutely committed to doing everything we can to fight for the best possible outcome for Sheffield Wednesday and our incredible fans.
"Tomorrow, I fly back to the UK for a week of meetings with a wide range of experts to ensure we hit the ground running and deliver on our promises both on and off the pitch. I look forward to seeing many of you in Sheffield. Please do come over and say hi if you see me around town."
Storch's consortium have paid a "substantial deposit" to become preferred bidders and are eager to close the deal. "We'd like to get this done as soon as possible," he told BBC Radio Sheffield earlier in March.
"We have to go through a process and we're going to put the 'full court press' on from our side. We want to be ready to play in the June transfer window, so our goal is to have this done very early May."
He has made an effort to engage with supporters, some of whom are wary after the mess under Thai businessman Chansiri. "We are listening to and collaborating with talented Wednesdayites across the city to ensure we deliver a best in class fan experience," Storch wrote on X earlier this month.
"Whilst we continue to work diligently to become stewards of this unique and historic club, please know that we will be doing everything we can in the interest of a 'Better Wednesday' and a brighter future for everyone associated with Sheffield Wednesday."
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