David Storch has announced he has moved a step closer to completing his proposed takeover of Sheffield Wednesday after "productive" talks with the Football League (EFL) and the club's administrators, and he hopes to push it further down the line in the coming week.

Storch's Aspire consortium is the second to be granted "preferred bidder" status since the Owls went into administration and after James Bord's Short Circuit withdrew their offer, there will be nervousness until a deal is completed.

The Football League's threat to impose a 15-point penalty next season if Storch does not comply with their rule to pay unsecured creditors at least 25p in the pound immediately, or commit to 35p in the pound within three years has been seen in some quarters as a potential stumbling block.

The club owes £10.5m to football creditors which must be settled in full for them to take their place in the league next season. But another £69.5m would be subject to the 25p in the pound ruling.

PREFERRED BIDDER: David Storch is the latest businessman trying to complete a deal to buy Sheffield Wednesday (Image: Steve Ellis)

placeholder image — PREFERRED BIDDER: David Storch is the latest businessman trying to complete a deal to buy Sheffield Wednesday (Image: Steve Ellis)

Of that, £63m is owed to Dejphon Chansiri, whose mismanagement of the club's finances in a decade as owner/chairman led to the crisis which engulfed them in 2025 and which is still not at an end. But there are 193 business, most if not all much more reliant on the money, who are also owed.

Since being announced as the new preferred bidder in early March, Storch has been in talks with the league, the administrators and the football regulator to find a way forward.

On Saturday he tweeted: "I'm pleased that we cleared a major hurdle yesterday as we move towards our goal of taking ownership of this wonderful club by the end of the season.

"I'm grateful to the EFL and the administrators for such productive conversations this last week.

"I want you all to know that my team and I are working tirelessly, and are absolutely committed to doing everything we can to fight for the best possible outcome for Sheffield Wednesday and our incredible fans.

"Tomorrow, I fly back to the UK for a week of meetings with a wide range of experts to ensure we hit the ground running and deliver on our promises both on and off the pitch.

"I look forward to seeing many of you in Sheffield. Please do come over and say hi if you see me around town."

Stoch has said he would like a deal to be completed by May 1 to allow the club to plan properly for the summer transfer window.

Wednesday will play next season in League One after relegation, and their squad will need major surgery.

That timeline would also allow Storch to go through the Football League's owners and directors test. Anyone buying an English league club May will hve to go through the regulator's new, more stringent test.