Sheffield Wednesday are no longer in administration after a consortium led by American businessman David Storch completed a takeover of the Championship club, bringing an official end to the much-maligned ownership of Dejphon Chansiri.
The announcement of the completion of their sale to the Arise Capital Partners consortium was made on Saturday, ahead of the Owls’ home game against West Bromwich Albion on the final day of the Championship season.
The consortium is led by 73-year-old aviation services executive Storch and completed by his son Michael and Tom Costin.
The EFL opted not to impose a further 15-point penalty to add to their previous 12- and six-point deductions earlier this season, saying it “would not be appropriate”.
Chansiri, who took control of the club in 2015, was forced out when it entered administration after repeated breaches of financial rules.
The club was docked an initial 12 points for entering administration on 24 October last year, with another six points deducted for charges relating to missed transfer fees to other clubs as well as missed payments to players, staff and HMRC.
Chansiri was banned for three years from owning or being a director at any EFL club, but the damage was done, with Wednesday relegated to League One with 13 games remaining - the earliest-ever demotion in English football.
But the club can now look forward to a new era, with the threat of another 15-point deduction nullified.
It will remain under strict budget restrictions for the next two seasons but be permitted to sign new players “in accordance with the terms of a business plan” agreed by Storch and the EFL. Most of its senior squad were previously sold by Chansiri or through the administration process.
Storch said: “From the very beginning, this has been about more than an acquisition. It has been about responsibility - to the club, to its history, and most importantly to its supporters.
“Sheffield Wednesday deserves stability, ambition and a clear direction. That is what we are here to deliver.
“We know trust must be earned. We are humbled by the opportunity, we take this seriously as stewards of this incredible club - we will approach this with humility, transparency and a long-term commitment to doing things the right way.”
The EFL said: “This has been an incredibly challenging and complex situation for all parties.
“As such the EFL Board has 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.
“This decision has been made by the Board after considering the proposals made to Mr Chansiri by the joint Administrators and new ownership.”
After 45 games, Wednesday have a solitary win, 12 draws and 32 defeats to sit on minus-three points in the standings going into the final round of fixtures on Saturday.
David Kogan, chair of the Independent Football Regulator, said:
“This deal is good news for Shefield 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.”
With Reuters
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