David Storch takes significant step with Sheffield Wednesday involving Hillsborough | OneFootball

David Storch completed his takeover of Sheffield Wednesday earlier this month

Sheffield Wednesday marked the beginning of a new era last Saturday with a 2-1 win against West Brom.

The Owls confirmed the completion of David Storch’s takeover, with the group known as Arise Capital replacing Dejphon Chansiri at the helm.

The Yorkshire outfit had been in administration since October after enduring significant financial issues under the Thai businessman.

While relegation to League One has been suffered, fans are now hopeful of a positive future under the new owners.

Henrik Pedersen’s side won just twice all season, including the final day victory against the Baggies, which was their only win in front of a home crowd.

The Dane will now be preparing for next season, where he will be hoping to turn things around with an improved squad.

Sheffield Wednesday clear Hillsborough debt

It has been reported by football finance expert Kieran Maguire that Sheffield Wednesday’s new owners have cleared the loan taken out against Hillsborough under Chansiri.

The former Owls boss took out a loan that was effectively mortgaged against the club’s home, with a repayment in full now given to New Avenue Projects.

It was previously reported that the Yorkshire outfit had taken out a total of £7,527,750 in loans from New Avenue Projects.

However, those debts have now been paid by the club’s new owners, although it remains unclear what the final figure of the payment has amounted to.

This will come as a financial boost to the League One side, who have cleared some of the debt that went against the Hillsborough stadium.

Arise Capital purchased Sheffield Wednesday knowing that investment was needed in order to build a competitive team, and this is a first step in that direction.

As well as buying the Owls, the group led by Storch also bought Hillsborough, putting them in full control of the club.

As part of the takeover deal, the new owners were required to pay all of Sheffield Wednesday’s creditors at a rate of 25p on the pound.

However, the money owed to Chansiri, which amounted to roughly £15 million, proved a stumbling block in the negotiation process.

It was feared that the Yorkshire outfit could suffer a 15 point deduction penalty from the EFL for next season if the payment wasn’t made.

But a deal was offered to the Thai businessman that led to the points deduction being dropped, meaning Sheffield Wednesday will start the next campaign with zero points.

New owners are making a strong start at Sheffield Wednesday

Paying off the debt that was mortgaged against the Hillsborough stadium is a positive step in the right direction.

Had there been any issues with repaying this loan, then the ownership of their stadium could’ve been thrown into question.

So this move secures Arise Capital’s ownership of Hillsborough, which will be welcomed by supporters.

This is just the beginning of the investment cycle that is needed from the new owners, with both the first team squad and the club’s infrastructure in need of investment in order to get Sheffield Wednesday back into competitive shape.