Sheffield Wednesday - the scenarios they face

Scenario One

The Owls' request for a two-week adjournment is granted providing more time for the board, loan-note holders and the Co-operative Bank to reach a deal with four potential investors; former director Mick Wright, Milan Mandaric, a mystery party believed to be from the Middle East and "Wednesday Forward" led by Spencer Fearn.

Scenario Two

Administration. If the High Court rejects the club's plea, the Co-operative Bank (who are owed 23m of the club's overall 30m debt) will take this option (as opposed to seeing the club wound up). As a result, the club will be docked 10 points by the Football League and assets both on and off the field will have to be sold.

Scenario Three

Settle the tax bill. The Owls could potentially buy more time by paying off the 600,000 currently owed to Her Majesty's Revenue and Customs which has led to today's winding up petition in the High Court.

Neither the bank nor the would-be Hillsborough investors had agreed to this last night.

Scenario Four

Secure new investment. Although this is extremely unlikely, a successful deal with any of the interested parties would immediately herald the dawn of a new era.