David Storch begins vital step in Sheffield Wednesday takeover process | OneFootball

Sheffield Wednesday prospective owner David Storch is undergoing the EFL's Owners' and Directors' Test

Sheffield Wednesday prospective owner David Storch is making progress in his efforts to complete a takeover of the Championship club.

The Owls have already been relegated to League One amid points deductions and remain in administration, but Storch's presence as preferred bidder has given the South Yorkshire club fresh hope.

His America-based consortium Arise have already made a strong impression on key figures at Hillsborough, including boss Henrik Pedersen.

Wednesday were beaten 2-0 by Ipswich Town on Saturday, marking their 28th defeat of the Championship campaign, but supporters are now far more concerned with off-field matters.

David Storch undergoes key EFL step as Sheffield Wednesday takeover nears

Owls fans will meet any developments regarding Storch with cautious optimism, as former preferred bidder James Bord's proposed Wednesday takeover collapsed, with his consortium ultimately deciding that their bid exceeded the value of the Hillsborough side.

Meanwhile, the Sheffield Star reported on Monday that Storch is currently undergoing the EFL's Owners' and Directors' Test, which could determine whether he can complete his Owls takeover.

The Independent Football Regulator's CEO, Richard Monks, told the Star: "As I understand it, the preferred bidder is currently going through the Football League's Owners' and Directors' test.

"If that process isn't concluded by the start of May, then our test kicks in, and they would have to go through and pass our requirements. I am comfortable with the level of understanding on this, not least because we've worked with the administrators on this over the last four or five months, and they understand where the EFL's rules and regime ends and where our regime starts."

EFL developments are good news for David Storch's Sheffield Wednesday takeover hopes

The fact that the EFL have already begun their vital checks and balances is a key step in Wednesday's route out of administration and into a period of greater financial stability.

Storch has already told BBC Radio Sheffield that he wants his Wednesday takeover completed swiftly: "We'd like to get this done as soon as possible. We have to go through a process, and we are going to put full-court press on from our side and hope that we can get to completion.

"We want to be ready to play in the June transfer window, so our goal is to have this done very early May. I have been blessed. I have been successful in my life's work, and we have a good financial plan, which includes investments we feel are required to compete, that will see the team get back not just to the Championship but maybe beyond that.

"We have the capital available, and we are excited about it."

Now that the EFL have already begun their Owners' and Directors' Test, Storch's chances of completing his takeover by the fifth month of the year have improved.

The American is upbeat about the situation and posted on X on Saturday: "Back in the States now, reflecting on an unbelievable week in Sheffield.

"On behalf of Michael (Storch), Tom (Costin) and myself, I want to thank the wonderful city of Sheffield, the local members of the community we met, the Supporters’ Trust and the Sheffield Wednesday fans for making us feel so incredibly welcome.

"We are listening to and collaborating with talented Wednesdayites across the city to ensure we deliver a best-in-class fan experience. Whilst we continue to work diligently to become stewards of this unique and historic club, please know that we will be doing everything we can in the interest of a “Better Wednesday” and a brighter future for everyone associated with Sheffield Wednesday."

Storch and fellow consortium member Costin were both in attendance when the Owls played out a 1-1 draw with Watford in the Championship last Tuesday.

Meanwhile, should the Arise group complete their Owls takeover, their first season at the ownership helm is set to be a difficult one.

The consortium's bid has fallen below the amount required to pay creditors 25p in the pound, meaning that Wednesday will be handed a 15-point deduction next term.

Furthermore, as reported by the Sheffield Star, the restrictions the EFL will impose on the Owls next season will mean that individual player wages cannot exceed £7,000 per week, which is a further blow to their chances of avoiding subsequent relegation to League Two.