Sheffield Wednesday could pay the ultimate price as Preston North End complete deal for eight-goal striker | OneFootball

Michael Smith's move to Preston North End could have big consequences for his former club Sheffield Wednesday.

It has been a nightmare summer for Sheffield Wednesday, and the troubled Championship side have had to contend with the departure of a number of their key players in recent weeks.

After finally paying the wages of players and staff for May and June, as well as the money owed to HMRC, Wednesday had two of their three transfer embargoes lifted last week, but one still remains for the late payment of transfer fees to other clubs.

Under-fire Owls owner Dejphon Chansiri may now have resolved the wages situation, but the saga has been incredibly costly for the club, who have been hit with a three-window ban on paying transfer fees, and he was forced to sell Anthony Musaba to Turkish side Samsunspor for £800,000 and Djeidi Gassama to Rangers for £2.2 million to bring in funds to help him meet his financial obligations.

After two consecutive months of late wage payments, a number of Wednesday players handed in their notices, and two of those - forward Josh Windass and striker Michael Smith - had their contracts terminated by mutual consent last week.

As the Owls' off-field turmoil continues, with ongoing uncertainty over the future of manager Danny Rohl and question marks over whether they will even be able to use the North Stand, their Championship rivals are pressing ahead with preparations for the new season, and Preston North End completed the signing of Smith on a free transfer this week after his Hillsborough exit.

Sheffield Wednesday dealt fresh blow as Michael Smith makes Preston North End switch

Smith joined Wednesday from local rivals Rotherham United in the summer of 2022, and he scored 20 goals and provided eight assists in 49 games to help them to promotion from League One in his first season at the club.

Having struggled for minutes during the Owls' first year back in the Championship, Smith was widely expected to leave the club last summer, but he enjoyed an impressive turnaround in fortunes last season as he featured far more regularly than anyone expected, and he netted eight goals and registered six assists in 44 appearances.

Wednesday activated their option to extend Smith's deal by a further year this summer, but after he gave notice of his desire to depart after not receiving his wages on time in May and June, the club agreed to allow him to cancel his contract, which brought his three-year spell at Hillsborough to an end.

In an emotional farewell message to Owls supporters, Smith claimed that he had made "some unbelievable memories" that will "last a lifetime" during his spell in South Yorkshire, and in what felt like a parting shot at Chansiri, he claimed that "your club has and always will be about the fans".

Smith was reportedly the subject of interest from Derby County, Wrexham, Blackpool and MK Dons after his Wednesday exit, but his move to Preston was confirmed on Tuesday afternoon, and North End manager Paul Heckingbottom was delighted to welcome the 33-year-old to Deepdale, stating that he will "give us a real focal point at the top end of the pitch".

Michael Smith could come back to haunt Sheffield Wednesday after Preston North End move

Having established fan favourite status at Hillsborough, Wednesday supporters were disappointed to see Smith depart, and many would have been hoping to see him join Blackpool in League One or MK Dons in League Two, rather than a fellow Championship side.

However, after Preston won the race for his signature, Smith will be lining up against the Owls in the second tier next season, and there is every chance he could come back to haunt his former club in the worst possible way.

While Barry Bannan and Callum Paterson could yet sign new contracts at the club, as things stand, Wednesday have lost 45 of their 60 Championship goals from last season after the mass exodus this summer, and with an incredibly thin squad, they look certain to be in a relegation fight next term.

It remains to be seen which clubs will join them in the battle against the drop, but having only stayed up by a single point last season following a nightmare end to the campaign, Preston could well be one of them, which makes Smith's move to Deepdale even more frustrating for the beleaguered Owls fan base.

Having brought in eight new signings so far this summer, Heckingbottom will be hoping his side can avoid any relegation danger this time around, but with the Championship looking set to be more competitive than ever next season, the Lilywhites could find themselves towards the bottom of the table once again.

Heckingbottom is known to favour a direct style of play, and given his height and physical presence, Smith could be the perfect fit for North End, and if he is able to form a partnership with the equally powerful Milutin Osmajic, the pair could be a nightmare for opposition defences to handle next season.

Of course, until they get their own house in order, it is difficult for Wednesday to even contemplate the prospect of remaining in the Championship next season, but after Smith made the switch to Preston, there is no doubt they have inadvertently strengthened a possible relegation rival.