Sheffield Wednesday are in administration, with financial experts managing the club's finances to save it and pay debts. Administrators have begun exclusive negotiations with American private equity company Arise Capital Partners, chosen as the preferred buyer. According to BBC, Arise's bid is the best available and would secure the club's future financially.
However, any takeover could leave Sheffield Wednesday facing a 15-point deduction as Arise's offer would not meet the EFL's requirement to repay creditors 25p in the pound. Dejphon Chansiri, the main creditor who loaned the club £60m as owner, must be paid back £15m to avoid a points loss. Arise have put up a 'substantial deposit' and evidence of funds to complete the takeover, including covering losses for eight weeks.
The takeover is now subject to EFL scrutiny. 8m deal led by former professional poker player James Bord collapsed. A consortium led by David and Michael Storch and Tom Costin made a lower offer, and former Newcastle owner Mike Ashley is also understood to have bid.
The administrators said the consortium's offer 'represents the best available outcome currently achievable'. For now, Sheffield Wednesday's operations continue as usual, with players and staff receiving salaries while matches are completed.