Sheffield Wednesday have been officially rescued following the completion of the takeover of the Championship crisis club by an American consortium. Arise Capital Partners, comprised of David Storch, his son Michael Storch, and Tom Costin, has acquired the Hillsboro company.
The Owls went into administration in October last year after hapless former owner Digifone Chansiri was forced to relinquish control following a series of protests from supporters. Chansiri, the Thai tuna industry giant, resigned on Wednesday amid turmoil after failing to pay wages to players and staff multiple times.
The club was left with an outcast and young team that had won just once all season. Wednesday, who experienced the earliest relegation in English football history in February, will start next season with 15 points in League One.
However, the even better news for fans is that the point deduction has been lifted. Wednesday explained: As part of this process, the EFL Board has exercised its discretion as set out in the Insolvency Policy and concluded that it would not be appropriate to impose a 15-point deduction on the club following its departure from administration. As a result, the club will start next season with zero points. ”
A consortium led by former professional poker player James Board was initially given preferred bidder status in December, but the deal collapsed in February. As a result, Storch and Arise, who were initially on the losing side, have returned to negotiations and are set to take control at Hillsborough ahead of today’s final game of the season against West Brom.
Despite Wednesday’s ups and downs, a packed crowd was in attendance to welcome the new owners. This is the largest attendance for a championship game this season.
They are -3 points on Wednesday and need a win against the Baggies to get to zero points. They were given a total of 18 points for failing to pay and entering administration.
Their only win of the season came against Portsmouth at Fratton Park in September. Supporters on Wednesday have yet to see their team pick up the three points at Hillsborough, but there is only one more chance left.
The Owls have been away from the top flight since being relegated from the Premier League in 2000. This relegation from League 1 marks the fourth time in that period that they have fallen to the 3rd division.
However, they are now ready for a new chapter under Storch, who has promised to invest in the squad, stadium and training grounds.
