Two things potential new Sheffield Wednesday owners must prove to seal Owls takeover | OneFootball

The Owls’ administrators have spoken out on what kind of buyers they’re looking for.

Sheffield Wednesday entered administration on Friday, finally prising the club from the grip of former owner Dejphon Chansiri.

Julian Pitts, Kris Wigfield and Paul Stanley of Begbies Traynor were appointed joint administrators after HMRC were set to issue a winding up petition against the club.

The Owls were subsequently deducted 12 points automatically by the EFL, but little could quell celebrations in Hillsborough over the weekend as fans returned to the club that they had boycotted, and protested against the running of, in recent months.

Looking forward, administrators have revealed there are “up to four or five” parties interested in purchasing the Owls, though the club must stay on the market for 28 days, per EFL rules - although this a ruling which Sky Sports reporter Rob Dorsett has suggested they may be willing to bend for Wednesday.

Before the papers are signed, though, two vital criteria must be met as outlined by the aforementioned joint administrator, Wigfield.

“The first thing is they need to show the administrators that they could make the football club viable,” Wigfield told BBC 5 Live’s Wake Up to Money.

“So they've got to show that they've got sufficient funds to be able to fund it for the next few years.”

That first hurdle is likely to be the biggest. Wednesday’s financial position is dire, and any prospective owner must convince the administrators that they can not only pay immediate debts, but also fund the club sustainably.

Under EFL rules, buyers must submit detailed Future Financial Information outlining how they intend to run the club: including cash flow forecasts, projected losses, and the “source and sufficiency of funding.”

In simple terms, that means proving not just how much money they have, but also where it has come from.

Supporters have already played their part in keeping the club afloat. In the days following administration, fans spent over £500,000 on tickets and merchandise, ensuring Wednesday could pay staff wages for another week.

“We had no money to start with,” Wigfield said.

“But the fans have already put in over half a million pounds since Friday. The response has been incredible - but we need to keep raising money to pay the wages next Friday.”

That financial lifeline has underlined the club’s potential.

With average home attendances still among the highest in the division, a large city fanbase and a historic stadium, Wednesday remain an attractive proposition - but only if their new owners can build on solid financial ground rather than repeat the mistakes of the Chansiri era.

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The second test is one every would-be owner in English football must face: the EFL Owners’ and Directors’ Test, commonly known as the Fit and Proper Persons Test.

It is designed to ensure that those who take control of clubs are legally and financially eligible to do so.

“We have to be satisfied that they will pass the EFL fit and proper persons test, and if they can satisfy both of those, then we'll start talking to them seriously,” Wigfield again told the BBC.

The EFL checks for disqualifying events such as criminal convictions, previous insolvencies or breaches of football regulations.

Prospective owners must also provide evidence of their business history, declare interests in other clubs and pass due diligence checks on their funding sources. Only once the EFL is satisfied that a buyer meets these criteria can a takeover be approved.

The process can vary in length depending on how complex the ownership structure is and how quickly all documentation is submitted.

The EFL describes the test as an “eligibility” measure, not a moral one - meaning it cannot block individuals simply for being unpopular or inexperienced.

Still, for Wednesday supporters, scarred by years of poor governance and secrecy, there is a growing demand for accountability.

Many fans are hopeful that the administrators, along with the EFL, will apply the process rigorously. After all, the last decade has shown what happens when oversight fails.

For now, the Owls’ immediate future depends on finding the right buyer - one with both the money and the integrity to steer the club out of crisis.