David Storch reveals big Sheffield Wednesday takeover timeline news | OneFootball

The American is hoping for a swift conclusion to the process after being granted preferred bidder status

Sheffield Wednesday's takeover process has been extremely drawn-out, but it could be reaching a swift end as the Championship season nears its conclusion.

The Owls have been in limbo on this particular front for the best part of 12 months, with initial rumblings of discontent concerning previous owner, Dejphon Chansiri, coming to the fore in the final weeks of last season.

The Thailand-based businessman then placed Wednesday into administration on October 24th amid fears of a winding-up petition, and the Steel City club has since been under the temporary control of joint administrators Paul Stanley, Julian Pitts and Kris Wigfield of Begbies Traynor, with the trio ultimately responsible for providing some form of short-term stability whilst attempting to source sustainable long-term investment.

Off-pitch headlines have continued to dominate discourse at Hillsborough as a result, with Henrik Pedersen's side on the pitch winning just one Championship fixture all season to-date, whilst a deduction of 18 points for two separate instances saw them suffer the EFL's earliest-ever relegation on February 22nd.

Pedersen has been left with a threadbare squad all season after a mass exodus of senior players last summer due to unpaid wages and well-documented uncertainty, and the Owls are still on minus six points with just nine matches of their campaign to go ahead of a first season back at League One level since 2023.

It did seem, though, that the club would enter their latest era under the ownership of James Bord, after the ex-poker player was granted preferred bidder status on Christmas Eve ahead of high-profile bidders such as David Storch and Mike Ashley.

That was until Bord withdrew a £47.8m bid from his consortium last month, and that has allowed Storch to swoop with another bid of his own in order to be granted preferred bidder status, although the value of said offer is believed to be just under £20m.

The American was in the stands on Tuesday night for the Owls' 1-1 draw with Watford ahead of being granted preferred bidder status, and he has now outlined when he would like to see the takeover completed by.

David Storch sets out optimistic timescale for Sheffield Wednesday takeover

With Storch's offer still falling below the £30m valuation which would ensure outstanding taxes are covered and that creditors - including Chansiri - would be paid 25p to the £1, it is expected that the Owls will start the 2026/27 campaign with a 15-point deficit.

However, in a statement from the joint administrators, it was confirmed that the offer placed by David and Michael Storch and Tom Costin under Arise Capital Partners LLC was still the most suitable offer.

There is confidence that, this time, the EFL will approve a takeover offer through their Owners' and Directors' test, although the club will reportedly be limited to a wage cap of £7,000 per week next season as they look to rebuild.

With the transfer window officially opening in June, Storch has stated that he wishes for the takeover to be completed the month beforehand, to ensure that business can be conducted without any interference.

"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," he said.

"We want to be ready to play in the June transfer window, so our goal is to have this done very early May.

“I can’t compare to usual, but I can tell you we have submitted our documentation for the requests, and we are hopeful they (the EFL) give careful and thorough consideration on a timely basis," he explained.

When asked about the funds at Arise Capital's disposal, Storch claimed: "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."

Sheffield Wednesday supporters will hope David Storch's takeover words ring true after long-term uncertainty

After a period of long-term uncertainty, Owls supporters will hope that Storch's timescale wish comes true as the club look to start rebuilding from next season.

The American has been extremely confident in his ability to strike a deal, and that mood has clearly remained unchanged after being granted preferred bidder status.

Supporters will also hope that the plan which Storch referred to can also come to fruition, as one day, the South Yorkshire side will hope to end an exile from the Premier League which has now surpassed the 26-year mark.