Sheffield Wednesday will finally be under new ownership after American group Arise Capital Partners completed the takeover ahead of Saturday’s home Championship game against West Bromwich Albion.
Sheffield Wednesday’s new co-owner David Storch announces acquisition (Image: Phil Duncan/Every Second Media/Shutterstock)
Sheffield Wednesday were saved as the American group completed the long-awaited takeover of the Championship crisis club. Arise Capital Partners, comprised of David Storch, his son Michael Storch, and Tom Costin, acquired the Hillsboro side.
The Owls were placed into administration in October last year after a series of protests from supporters left hapless former owner Digifone Chansiri with little choice but to suspend control. Thailand’s incompetent tuna king Chansiri left the club on Wednesday in poor performance after repeatedly failing to pay wages to players and staff.
Heading into the final day, coach Henrik Pedersen left behind a team of misfits and kids who had won only once all season. Wednesday suffered the earliest relegation in English football history in February and could have started next season with -15 points in League One.
But even better news for supporters is that, following consultation with the EFL, point deductions have been removed. David Storch declared in a statement that Wednesday was “reborn” with the acquisition.
read more: Sheffield Wednesday takeover bidder clears ‘major hurdle’ after negotiations
“The circumstances they endured are unprecedented, but their professionalism and loyalty shown throughout can and should be recognized,” he said. “Today, this club is reborn and we look forward with determination to what lies ahead.”
A consortium led by former professional poker player James Board was initially given preferred bidder status in December, but the deal fell through in February. This puts Storch and Arise back in the table after initially being on the back foot and taking control at Hillsborough ahead of Saturday’s final game of the season against West Brom.
Despite Wednesday’s woes, a packed crowd was in attendance to welcome the new owners. It will set a record as the largest attendance for a championship game this season.
And on Wednesday, they got a much-needed win as they were assured of ending the season with zero points after an 18-point deduction. The 2-1 victory over the Baggies also meant that the home side avoided becoming the first English team to finish the season with negative points.
David Storch addresses a packed crowd at Hillsboro (Image: Phil Duncan/Every Second Media/Shutterstock)
Prior to that, their only win of the season came against Portsmouth at Fratton Park in September, after which they had not won in front of fans for 376 days.
The Owls have been away from the top flight since being relegated from the Premier League in 2000. The impending relegation to League One will be the fourth time they have fallen to the third tier in that time.
However, they are now able to make a fresh start under coach Storch, who has promised to invest in the squad, stadium and training facility. He also spoke about the importance of fan engagement after supporters were severely disenfranchised from the club under Chansiri’s disastrous ownership.
Digiphone Chansiri relinquished control of Sheffield Wednesday earlier this season (Image: 2018 Getty Images)
“Sheffield Wednesday needs stability, ambition and clear direction, and that’s what we’re here to provide,” he vowed. “We know we have to earn trust. We are humbled by this opportunity and, as stewards of this great club, we take it seriously. We approach this with humility, transparency and a long-term commitment to doing things the right way.”
Join our new WhatsApp community and receive Mirror Football content every day. Community members also receive special offers, promotions, and advertisements from us and our partners. If you don’t like our community, you can check it out whenever you like. If you are interested, please read our privacy notice.
Sky Sports, HBO Max, Netflix, Disney+ and Ultimate TV packages
Sky has upgraded its Ultimate TV and Sky Sports bundles to include HBO Max, Netflix, Disney+, discovery+ and Hayu, plus 135 channels and complete coverage of the Premier League and EFL from Sky.
Sky has over 1,400 live matches across the Premier League, EFL and more, with at least 215 of them live from the top flight, along with F1, darts and golf.
