Sheffield Wednesday takeover latest: Owls 'deadline' passes after 'meeting' over potential sanctions
The deadline before which Sheffield Wednesday’s prospective owners could withdraw with a deposit refund has passed, according to a report.
Arise Capital Partners, spearheaded by David Storch, are looking to complete a takeover of the Owls.
The League One-bound club have been in administration since October, when Dejphon Chansiri was ousted as owner.
Following the withdrawal of the James Bord-led consortium from the driving seat, Arise emerged to secure preferred bidder status earlier in the month.
Sheffield Wednesday takeover latest
According to The Star, a lengthy meeting between Arise, the EFL, the Independent Football Regulator (IFR) and administrators Begbies Traynor was held yesterday (March 27).
Potential sanctions are believed to have been a topic of discussion, with Wednesday facing the prospect of a 15-point deduction next season. It has also been indicated there could be constraints on recruitment.
However, the report has suggested Arise emerged from the meeting comfortable enough to proceed. Furthermore, there is thought to have been a 5pm deadline by which progress needed to have been made.
Arise can reportedly no longer pull out of the process and get their deposit back following the passing of this deadline.
Sheffield Wednesday looking to the future
For long-suffering Wednesday fans, it is still a case of waiting with bated breath and hoping there is a brighter future ahead.
On the pitch, the Owls are seeing out the Championship season having already had their relegation to League One confirmed.
The current international break has provided some respite for the Wednesday squad, which has been stretched over the course of a gruelling campaign.
Owls boss Henrik Pedersen said: "The players need a rest and I have given them more days off because with what they have done and all they are putting in, they deserve a rest.
“We all get energy again and then we have seven games with full power, with full intensity. We want to finalise this season as strongly as possible.
"I will have a few meetings and then we'll prepare the last seven games. But I'll also have a few days where I'm resting."