Exciting Sheffield Wednesday takeover update revealed | OneFootball

Sheffield Wednesday's prospective owners had a meeting with the EFL and Independent Football Regulator representatives, which went well

David Storch's Arise consortium have made a positive step in their efforts to buy Sheffield Wednesday and take the Hillsborough side out of administration.

Storch has already made a strong impression on key Wednesday figures, including first-team boss Henrik Pedersen, who has overseen a gruelling campaign.

The Owls' inevitable relegation was painfully confirmed when they were beaten by fierce rivals Sheffield United at Bramall Lane last month.

Wednesday have been deducted 18 points this term, thanks to former owner Dejphon Chansiri's wrongdoings, and are set for a 15-point deduction next season because Storch's bid fell below the amount required to pay creditors 25p in the pound.

The South Yorkshire club are also set to have their individual player wages capped at £7k per week, but the Storch consortium have appointed sports lawyer Nick De Marco, who may challenge that EFL decision.

Sheffield Wednesday learn how Storch meeting with EFL and Independent Football Regulator went

The American fronting the prospective Owls takeover attended the recent 1-1 draw with Watford at Hillsborough alongside consortium partner Tom Costin.

Meanwhile, Storch delivered a message to the Wednesday faithful last Saturday via X: "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."

That message even caught the attention of former Real Madrid and Wales star Gareth Bale, who commented: "Best of luck, Storchy!"

Storch and Bale previously offered to buy League One promotion chasers Cardiff City together, but Bluebirds owner Vincent Tan turned down their bid.

Meanwhile, the Daily Mail's Mike Keegan revealed via X on Thursday that the Storch group had a Zoom call with both the EFL and representatives from the Independent Football Regulator (IFR) that afternoon.

Keegan added that no issues with Wednesday's preferred bidders had been flagged.

Storch has already begun undergoing the EFL's Owners' and Directors' Test, and will later become subject to the IFR's checks if his takeover isn't completed by May.

David Storch update gives Sheffield Wednesday supporters cause for optimism

The Owls faithful have long since been more concerned by their club's future off the field than their woeful performances on the pitch, which have come as a result of several player exits across each of the last two transfer windows.

Meanwhile, thanks to the restrictions imposed on the South Yorkshire club by the EFL, Pedersen has only been able to make free agent and loan signings.

Seeing their team lose almost every week has taken its toll on the proud Wednesday fan base, who were given yet another kick in the teeth when former preferred bidder James Bord's takeover deal collapsed.

The latest developments regarding Storch suggest that his Owls transaction will go through, meaning that supporters can finally look ahead to a brighter future beyond administration.