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Sheffield Wednesday’s long takeover saga is finally over after US consortium Arise Capital Partners completed its purchase of the club – and the Football League decided against imposing a threatened 15-point deduction.
The relegated Championship club announced the news on the pitch on Saturday ahead of the last fixture of the campaign, at home to West Brom.
David Storch, who led the consortium, was introduced to a rapturous welcome to officially bring a painful chapter to a conclusion after financial problems had impacted the Owls in recent years under owner Dejphon Chansiri and looked set to roll into next season, but a 15-point deduction will no longer be issued.
Last month it emerged Arise had been told by the EFL that Wednesday would start life in League One marooned at the bottom – due to their bid of around £20million falling short of representing 25p in the pound to unsecured creditors – but the EFL have agreed to waive the deduction.
That will be welcome news for Owls fans, who saw their club deducted 12 points when they went into administration in October and six more two months later for missing payments to players, staff and transfer fees.
Thai businessman Chansiri, who bought the club in 2020, was slapped with a three-year ban from owning or being a director at any EFL club.
Manager Danny Rohl left just before the start of this season, and his replacement Henrik Pedersen – armed with a threadbare squad – was unable to compete.
The club suffered the earliest ever relegation in English football, going down in February. They have won just one league game all season.
In February a consortium led by Dunfermline Athletic owner James Bord pulled out of a proposed takeover – having been named the preferred bidder in December – but Storch and Arise returned to the table.
They set a deadline of Friday to complete the deal, aware that there could be further delays if it was not done before the Independent Football Regulator takes control of the new owner process from the EFL next Tuesday.
David Storch speaks to fans at Hillsborough before the final game of the season
‘The Joint Administrators of Sheffield Wednesday Football Club Limited are pleased to confirm the successful completion of the sale of the club to Arise Capital Partners LLC, a consortium led by David Storch, alongside Michael Storch and Tom Costin,’ a statement read.
‘The transaction has been completed following constructive engagement with key stakeholders, including the English Football League (EFL), and in accordance with all relevant regulatory requirements.
‘As part of this process, 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.
‘As such, the club will begin the upcoming season on 0 points. A position has also been agreed on wage and transfer parameters that is both acceptable and supportive of the club’s forward progress.
Henrik Pedersen will lead the team in League One next season – with no points deduction
‘The sale secures the long-term future of the club and marks the beginning of a new era for Sheffield Wednesday – one built on stability, responsibility, and renewed belief.’
The Independent Football Regulator welcomed the news, with IFR chair David Kogan saying: ‘This deal is good news for Sheffield Wednesday FC, the community and the fans who have endured such a long period of uncertainty.
‘Sheffield Wednesday’s experience is a timely reminder of why the IFR was established in the first place.
‘From next week, new owners, directors and senior executives in the top five divisions of English football will be assessed by the IFR helping to ensure only fit and proper persons are permitted to own and operate football clubs.’
