Sheffield Wednesday takeover: What is actually going on? | OneFootball

All the latest news surrounding the takeover situation at Sheffield Wednesday

Sheffield Wednesday are preparing for their final game in the Championship before taking the step down to League One.

The Owls are hoping that the takeover led by David Storch will be finalised by the time their meeting with West Brom gets underway.

The American was named as the preferred choice to buy the Yorkshire outfit in March after the bidding reopened following the collapse of James Bord’s attempts to complete a deal.

Arise Capital will also be looking to resolve the issue regarding a potential 15 point deduction penalty that they are facing as part of their deal with Begbies Traynor.

It remains to be seen whether this can be avoided, or if the 1 May timeframe for completing the deal can be met.

Here is all the latest news surrounding the takeover situation at Sheffield Wednesday…

Sheffield Wednesday takeover progress made

It has been reported by The Star that Storch has flown into the UK this week in order to wrap up some minor details to ensure the takeover goes through on time.

It’s believed that the prospective new Sheffield Wednesday owner has formalised their UK baking arrangements, which will help them to complete the deal.

Confidence is reportedly high that the 1 May date will be met for completing the takeover, which will be welcome by supporters.

If the takeover is not completed by 5 May, then the Independent Football Regulator could take over the process of finalising the deal, which could lead to further delays.

Plans underway for West Brom clash

Administrator Kris Wigfield has confirmed that Sheffield Wednesday’s clash with West Brom this weekend is sold out.

The club have made a strong push to have a capacity crowd for what could be the first game under the new owners.

It’s understood that plans are frantically being put in place to have family members of the new directors’ in attendance for what could be a celebratory atmosphere.

Fans are also being urged to arrive at Hillsborough as early as possible, with a new dawn on the horizon for the Yorkshire outfit.

Henrik Pedersen on his Sheffield Wednesday future

It has been reported by The Star that Henrik Pedersen is set to remain in charge of the Sheffield Wednesday first team squad.

The Dane has overseen a difficult Championship campaign on and off the pitch, with the Owls winning just one of their 45 league games so far.

The 48-year-old has revealed that he is in constant dialogue with the new owners, and that he is excited by the level of ambition being spoken about.

“We have had a lot of meetings,” said Pedersen.

“Last time he was here we had a good dinner, Michael, David, my wife and kids, and I have had more meetings with him, more meetings with Michael, more conversations with Tom, and they are really, really ambitious.

“I really, really hope it will happen on Friday or Saturday.

“We are speaking more or less every day.”

Sheffield Wednesday academy threat

Despite the progress being made to complete the takeover, Sheffield Wednesday still face the reality of their difficult financial position.

It has been reported by The Star that the club are at risk of having their academy system downgraded to Category 3.

This could have an impact on the level of funding the Owls will receive, with Arise reportedly willing to do everything in their power to avoid this outcome once the takeover is complete.

It’s believed that one short-term solution could be to move part of the academy to an off-site venue to grass pitches instead of the artificial grass currently being used at Middlewood Road, with further investment from the new owners likely to come in the long run.