It was asked by a player who had been at Hillsborough less than three days and was based purely on what he had seen in the previous 90 minutes.

Tony McMahon knows little about the problems simmering under the surface but the young man from Middlesbrough might still have a point.

His new team played like champions – well, for nearly an hour at any rate – and they deserved more than the solitary point they got in return.

If they perform like this on a regular basis, they would have every chance of challenging for the top six.

After three games of the season, they have four points – which is a far better return than at this stage last season when they suffered a club record six opening defeats.

However, it would be foolish to ignore the fragility of the club's finances and say everything in the garden is rosey.

Manager Brian Laws took a final throw of the dice in the transfer market to land McMahon and that was because yet another player had gone down injured.

The Owls have been cursed by bad luck in that department for years and currently have their only 'international' defender ruled out and, arguably, their two most exciting strikers.

Due to financial pressures, they have one of the smallest squads in the Championship – any more injuries in key areas will certainly be hard to overcome – but, if they can keep what they have got fit, there has to be reason for optimism.

Laws has mixed fire and flair with youth and experience and the result is a side that, on its best day, could give anyone else in the Championship a good game.

Wingers Jermaine Johnson and Etienne Esajas have pace and skill in abundance, the central midfield pairing of Sean McAllister and James O'Connor scrap like pitbulls, and centre-backs Richard Wood and Mark Beevers display a maturity way beyond their years.

Nearly all, however, are still rough around the edges. There are bound to be times when their performance levels dip and, on Saturday, that was clearly the case for Johnson.

The Jamaican international had been flying in the early stages of the game and was reacting positively to the criticism he had received from his manager following last weekend's defeat at Wolves.

This is a player who thrives on confidence but, after blowing a gilt-edged opportunity to put the Owls 2-0 ahead, that confidence evaporated.

Johnson had blazed a close-range shot wide after sprinting effortlessly past a Preston marker into the penalty box.

Whether it was down to selfishness or a lack of awareness, Johnson made a bad decision and despite a cajoling hug from team-mate James O'Connor, never put the ball into danger areas again.

Preston arrived with a 100 per cent record after three games but simply could not cope with the Owls's first-half pressure.

Despite dominating for long periods, however, the Owls failed to add to McAllister's 21st-minute opener.

The midfielder, whose only other goal came two years ago in a game at Plymouth, volleyed home after Preston's defence failed to clear a long throw into the penalty area by Tommy Spurr.

Goalkeeper Lee Grant was a spectator for the first 45 minutes but his side lacked the cutting edge in attack to turn possession into shots on goal.

They were punished 13 minutes from the end when Preston midfielder Richard Chaplow grabbed a close-range equaliser.

Spurr allowed a high ball to drop over his head and Chris Sedgwick burst into the area before crossing for Chaplow, unmarked in the goalmouth, to slam the ball into the net.

Sheffield-born Sedgwick, who had supported the Owls as a youngster, declined to join in the celebrations.

Preston finished the game on top, with Sedgwick causing problems after switching flanks, but it would have been a travesty if they had gone back across the Pennines with all three points.

McMahon emerged from a 'disappointed' Owls dressing room to herald the quality of his new team.

"We were brilliant in the first half going forward," he said. "But at times in the second half we maybe played a little too deep.

"I really do think this team could compete at the top of the league this season. Why not?" he added.

If the financial picture at Hillsborough was healthier, it would be hard for anyone to disagree.

However, if the proposed takeover orchestrated by Lancashire-based businessman Geoff Sheard fails to materialise – and after an eight-month saga there are now growing doubts – the Owls, with debts of £27m, may just have to muddle through for yet another season.

If only football was just about players. Unfortunately for Wednesday, it never is and other factors tend to hold the key to a football club's destiny.


Sheffield Wednesday: Grant; McMahon, Beevers, Wood, Spurr; Johnson (Smith 72), O'Connor, McAllister, Esajas; Burton (Clarke 88), Tudgay. Unused substitutes: O'Donnell, Gilbert, Watson.

Preston North End: Lonergan; Jones, St Ledger, Mawene, Hill; Nicholson (Wallace 55), McKenna, Chaplow, Sedgwick; Whaley (Hawley 60), Mellor. Unused substitutes: Neal, Hart, Carter.

Referee: M Russell (Herts).