David Storch facing new Sheffield Wednesday transfer challenge | OneFootball

Sheffield Wednesday are under new ownership after Arise Capital's takeover was completed in May

Sheffield Wednesday are set for a busy summer of transfer activity following the change in ownership.

The Owls spent several months in administration before David Storch took over the club at the start of May.

His group, Arise Capital, have become the new owners after significant financial mismanagement under Dejphon Chansiri.

The Yorkshire outfit suffered relegation to League One as a result of their disastrous campaign, and will now be looking to rebuild the first team squad.

Work has already begun behind the scenes to restructure at Hillsborough, with David Bruce arriving as CEO and Simon Wilson joining as the sporting director.

However, no new signings have yet been made despite the transfer window officially opening earlier this week.

Why Sheffield Wednesday have made no signings

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It has been reported by The Star that Sheffield Wednesday must clear some administration-based hurdles before completing any signings this summer.

It’s believed that the agreement the club reached with the EFL ensured that the Owls must complete their payment of creditors before any new players could be registered.

While this process is ongoing, the Yorkshire outfit will not be able to complete any new signings.

It’s understood that Sheffield Wednesday are on schedule as they work through these payments, and it’s unlikely to hamper the League One side for too long.

It’s been claimed that some delays were caused by the complications surrounding the payments to Chansiri, with the Thai businessman now ultimately set to earn nothing from the sale.

A deadline of 60-days was set following the completion of Arise Capital’s takeover, which will come on 30 June.

While Sheffield Wednesday have been linked with a potential move for the likes of Barry Bannan, no deal is immediately imminent as a consequence of this process.

The midfielder departed Hillsborough in January, signing for Millwall, but could make his return once the Owls are given the all clear from the EFL to register new players.

It is likely to be a busy summer for new sporting director Simon Wilson, who has been tasked with overseeing the rebuild of the first team squad.

Henrik Pedersen will be keen to bolster all areas of the squad, with Sheffield Wednesday looking to get back to a competitive level next season.

The League One side finished the campaign bottom of the Championship, with a total of zero points once the 18 they were deducted were accounted for.

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Sheffield Wednesday stumbling block should only be a minor issue

A deadline of 30 June means Sheffield Wednesday can waste no time in finalising the payment of creditors, so this shouldn’t prove a massive stumbling block to completing business.

While it would be ideal to get some players in the door in time for pre-season beginning, that was always going to be tough given the number of signings needed.

The squad needs to be overhauled, and bringing in Bannan would be a great start to that process, as his return will be most welcome at Hillsborough.

But time is still on Sheffield Wednesday’s side, with the market running all the way until 1 September.