Sheffield Wednesday complete US takeover and avoid points deduction
Sheffield Wednesday have officially exited administration after US consortium Arise Capital Partners completed a takeover of the Championship club, ensuring they will begin life in League One without a points penalty.
The deal sees David Storch, his son Michael, and Tom Costin assume control of the Hillsborough side from former owner Dejphon Chansiri.
The South Yorkshire outfit were placed in administration last October following multiple missed wage payments and intense supporter protests.
EFL waives further sporting sanctions
A major boost for the new ownership is the English Football League’s decision to waive a customary 15-point penalty for insolvency.
The governing body confirmed the relegated club will start their upcoming third-tier campaign on zero points.
“The EFL Board exercised its discretion, as provided by the Insolvency Policy, and concluded that it would not be appropriate to impose a 15-point deduction on the club following its exit from administration,” a statement read.
The Owls had previously been docked a total of 18 points during the current campaign for financial breaches and entering administration.
Bleak season ends with sell-out crowd
Wednesday currently sit on minus three points heading into their season finale against West Bromwich Albion.
A capacity crowd is expected to welcome the new custodians in what will be the highest attendance for any Championship fixture this term.
Fans have endured a dismal year, witnessing just one league victory against Portsmouth back in September.
The historic club have not played in the Premier League since 2000 and are now preparing for their fourth stint in League One since that top-flight exit.
Storch promises renewed fan engagement
Arise Capital Partners initially lost out on preferred bidder status to a consortium fronted by James Bord in December, before that agreement collapsed.
Storch has immediately pledged to rebuild fractured relationships with the fanbase following Chansiri’s deeply unpopular tenure.
The American businessman also outlined plans to invest heavily in the playing squad, the stadium infrastructure, and the training ground facilities.