David Storch and Sheffield Wednesday Supporters' Trust call for independent review of 15-point penalty

American businessman Storch is in the process of trying to buy the League One-bound club, a deal he hopes to complete by May 1.

But it is believed Storch’s Arise consortium is offering to pay non-football creditors 6p in the pound.

Under Football League rules clubs coming out of administration must pay 25p immediately or 35p over three years, or be deducted 15 points.

That would leave the Owls, relegated from the Championship in February, facing an even more difficult task next season.

The rule has always been adhered to in the past.

Wednesday have just seven senior players under contract for next season and are banned from buying or paying loan fees until the summer of 2027. They would have to agree to a business plan and a wage cap for the takeover to be approved.

The Football League are adamant the 15-point rule will be enforced, arguing not to do so would be to reward a club for not meeting its financial obligations, and punish their rivals by allowing the Owls to wipe their debts. League One clubs lose an average £6m a year, most of it subsidised by owners and/or debt.

Storch's counter-argument – supported by the Sheffield Wednesday’s Supporters’ Trust – is that these circumstances are unique, and therefore they should be treated as an exception, but he has been unable to persuade the authorities.

Around £63m is owed to previous owner Dejphon Chansiri, and attempts by Storch to negotiate with him have not been dignified with a response, according to the American. At 6p in the pound Chansiri would be due £3.8m – reward, some would argue, for running a historic football club in to the ground.

But there are 193 trade creditors, many of whom will be small, local businesses, too.

James Bord, who agreed to buy the club before Christmas, pulled out of a deal when he said the full scale of the work needed at Hillsborough was revealed to him, and now Storch has discovered it too.

In a statement to supporters, Storch wrote of "inadequate water supply affecting even basic sanitation, and insufficient electrical capacity to support certain essential upgrades. The work required is significant and urgent, and likely to result in the need to invest substantial further sums."

He pointedly added "These are issues Mr Chansiri must have known about for many years".

Storch is now trying to apply public pressure on the League to ease up on its sanctions, having offered to cover the cost of independent arbitration.

His argument is that "this is a unique situation and deserves a fair and proportionate response."

Storch has promised to "Immediately address the serious infrastructure issues" in return for "a reasonable approach to the intended 15-point penalty."

Sheffield Wednesday Supporters' Trust, who have worked closely with Storch, have joined the call, describing the League's stance as "a serious concern", adding: "This situation is unacceptable."

The Trust's have asked for "independent scrutiny before a sanction of this scale is imposed."

"This scale of sanction demands a fair and independent review," they argue.

"Anything less risks undermining confidence in the regulatory process for Sheffield Wednesday and the wider game.

"The Trust will write to the Independent Football Regulator to ask it to ensure the league’s approach receives external scrutiny.

"If the EFL continues to refuse an independent process, we may take additional steps include formally raising concerns with the Department for Culture, Media and Sport, and continuing to work with local MPs to ensure proper examination of this issue."

The good news for Owls supporters is that Storch reaffirmed his commitment to completing a deal regardless.