Exclusive: Bank steps in to help relegated Sheffield Wednesday

The Owls already owe the Co-Op, their major creditor, over 21m but the

Yorkshire Post understands a deal has been agreed to extend the debt by a further 3m to cover losses next season.

Significantly, this means the club relegated to League One on the final day of last season will not have to sacrifice players to balance the books – news that has been greeted with a massive sigh of relief by manager Irvine.

Goalkeeper Lee Grant, striker Marcus Tudgay, and defenders Tommy Spurr and Mark Beevers are the players most wanted by Championship clubs but, as yet, there has only been one 'derisory' offer tabled and rejected by the Owls this summer.

The Owls accept it will be hard to stop anyone leaving should a top Championship or Premier League club come forward with a serious offer but have stressed that there is no need for a 'firesale' at Hillsborough.

Irvine, currently away on a pre-season training camp with his players in Austria, is delighted with the level of support being shown by the club's board as he looks to assemble a squad capable of securing an automatic return to the Championship.

The capture of Preston North End striker Neil Mellor on loan for the season was a major coup – although the Lancashire club agreed to pay a major chunk of his wages.

Scottish international winger Gary Teale, former Doncaster striker Paul Heffernan, midfielders Chris Sedgwick, Daniel Jones and Giles Coke, plus defender Jon Otsemobor have also arrived at the club in the last few weeks.

Despite the club's relegation, over 11,000 supporters so far have purchased season tickets ahead of the new season – more than 1,000 more than at the same period last summer.

Relegation may have led to a reduction in the club's wage bill but it will still be among the highest in League One.

Finance director Bob Grierson, who was publicly criticised by departing chairman Lee Strafford after his exit last month, will attend a question and answer session at Hillsborough tonight with members of the shareholders group Wednesdayite. Members of the press will not be allowed to attend.

Meanwhile, defender Eddie Nolan, who finished last season on loan to the Owls from Preston, has joined Championship club Scunthorpe United on a six-month loan.