Huge Sheffield Wednesday takeover breakthrough emerges - Owls fans will love this | OneFootball

The Owls have seen their second preferred bidder named

Sheffield Wednesday supporters have been desperate for their club to have new and stable investment plugged into the coffers at Hillsborough, with the takeover process being drawn out for several months now.

The Owls have been under the interim control of Paul Stanley, Julian Pitts and Kris Wigfield of Begbies Traynor ever since Dejphon Chansiri placed the club into administration on October 24th.

It has been off-pitch headlines that have dominated in this part of Sheffield for the past 12 months, with the aforementioned Chansiri seeing his 10-year reign as chairman come to a bleak end after years of protestation from the locals as to how Wednesday had endured such a drastic plight from a potential Premier League outfit to almost ceasing to exist altogether.

Henrik Pedersen has seen his threadbare squad docked 18 points throughout the Championship campaign, with the first of those being the automatic 12-point penalty brandished by the EFL for entering administration four months ago.

Unsurprisingly, Stanley, Pitts and Wigfield have been keen for new investment to be sourced as soon as possible, in order for the S6 club to enter a new era in the best possible shape.

Several high-profile names have been linked with a takeover of the club over time, and it initially seemed as though the consortium who would be successful in doing so was one led by ex-professional poker player, James Bord, after he was granted preferred bidder status on Christmas Eve.

However, Bord withdrew his £47.8m bid after the Owls' relegation to League One was mathematically confirmed last month, allowing the likes of David Storch and Mike Ashley to prepare second bids after being turned down beforehand.

In the latest turn of events, one of those has turned out successful, with Storch present at Hillsborough for the club's 1-1 draw with Watford on Tuesday night.

David Storch granted preferred bidder status by Sheffield Wednesday's joint-administrators

Shortly after the final whistle in the Owls' 1-1 draw, in which they were cruelly denied a first home league win since last April when Vivaldo Semedo cancelled out Jerry Yates' opener in second half stoppage-time, it was reported by BBC Radio Sheffield that a deal which would grant Storch preferred bidder status was on the verge of being signed off.

Storch had recently expressed his confidence in being able to successfully pull off a takeover deal after seeing a joint-bid with John McEvoy rejected in December, whilst it was confirmed that Ashley's bid was worth just over £10m and significantly lower than any other.

It was reported by Alan Nixon that Storch was willing to accept a 15-point deduction at the start of next season with his offer being less than £30m, with taxes needing to be covered whilst also ensuring that creditors - including Chansiri - must be paid 25p to the £1.

The Owls' joint-administrators have since released a statement confirming that Storch's consortium - Arise Capital Partners LLC - have been selected as the new preferred bidders, and that he will be joined alongside Michael Storch and Tom Costin.

The consortium have now been granted an exclusivity period and have agreed to fund Wednesday's trading losses if a takeover cannot be completed within an eight-week period.

It has also been confirmed that whilst the offer is lower than what is required to pay the creditors off, it was the best outcome for the club moving forward, whilst Storch has released his own stance on the matter.

“We are thrilled and excited to take this important step toward stewardship of this historic football club. As we continue through this process, we are looking forward to working with the local community, engaging transparently with fans and embarking together on this journey to restore Sheffield Wednesday to its rightful place. We are absolutely committed to delivering a brighter future for our fans and bringing joy back to Hillsborough," he said.

Sheffield Wednesday supporters will hope for a smoother exclusivity period after David Storch breakthrough

After the controversies which surrounded the aforementioned Bord-led bid, including him being sued by former business partner, Jonathan Cohen, and his previous connections to Sheffield United, Owls fans will hope for a smoother and more successful ending to the process this time around.

It has been noted by many that a crucial inclusion within the aforementioned statement is the exact name of Storch's consortium and his partners from the get-go, which did not occur beforehand with Bord's bid.

Whilst the South Yorkshire side may have their work slightly cut out next season due to the expected points deficit, it could finally bring long-term stability back to S6 in the long haul.