Sheffield Wednesday takeover: Why May 1st could be a key date for David Storch | OneFootball

Football League World takes a look at why May 1st could be a key date as David Storch vies to complete his Sheffield Wednesday takeover

Sheffield Wednesday prospective owner David Storch has revealed when he wants to complete his takeover of the Hillsborough club.

The Owls avoided defeat for the first time this calendar year when they drew 1-1 with Watford on Tuesday, and are keen to build a positive future once they leave administration.

Storch outbid Mike Ashley to become Wednesday's preferred bidder and has consequently been granted a period of exclusivity to complete his transaction.

The South Yorkshire side have already been relegated to League One, and Storch has a tough job on his hands to ensure that the Owls avoid falling to League Two next term, should he get his takeover across the line.

David Storch wants to buy Sheffield Wednesday in time to have a strong transfer window

As reported by the Sheffield Star, Wednesday's weekly wages will be capped at £7k per player next term, which will make them less competitive in the third tier.

Meanwhile, the Owls are set to be deducted 15 points next season, as Storch's bid has fallen below the amount required to pay the creditors 25p in the pound.

Wednesday have been docked 18 points this term, and will be glad to see the back of the campaign, but next season will also bring tough challenges.

In more positive news for Owls fans, though, Storch told BBC Radio Sheffield: "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.

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

"We have the capital available, and we are excited about it."

Storch's comments indicate that the Owls could be bought by 1st May, which would finally put an end to the uncertainty that the Hillsborough club have encountered in recent months.

The Arise Capital Partners LLC consortium is composed of David Storch, Michael Storch, and Tom Costin. David and Costin attended Wednesday's draw with Watford.

David Storch developments show light at the end of the tunnel for Sheffield Wednesday

The Independent Football Regulator will have the powers to ratify club takeovers by May, meaning that Storch's consortium could undergo checks and balances from the new body, as opposed to undergoing the EFL's Owners' and Directors' test.

Meanwhile, Wednesday have suffered years of hardship under the failed ownership of Dejphon Chansiri, and have encountered more tough times in administration in recent months.

But speaking to BBC Radio Sheffield, Storch gave supporters fresh hope as he revealed: "When we first met people from the Supporters' Trust, they shared with us a document they had produced called A Better Wednesday, and we read through the document and felt this was exactly how we want to behave and operate as owners.

"In fact, as we started going down the path of submitting our bid, I actually had all of our team, our bankers, our lawyers, our accountants, our consultants. I had them all read A Better Wednesday to get comfortable with the concept, because this is the concept, this is how we're going to behave.

"The fans are going to play a very important role. Michael (Storch) and I believe, and Tom Costin, who is a wonderful partner, we believe in fan engagement. We want player engagement, fandom engagement, community engagement, so the fans are critical.

"They will have a voice for sure."