'It's a difficult market' – Henrik Pedersen on Sheffield Wednesday's free agent search

Not that it came as a surprise to anyone, but the publication of the Football League's squad lists for the second half of the season highlighted how under-staffed the Championship's bottom side are as they continue to try to overcome the financial mismanagement of previous owner Dejphon Chansiri's tenure.

Wednesday had comfortably the smallest squad of any Championship side with only 18 senior players and one of those – Yan Valery – has since left on loan to Young Boys for the rest of the season.

Of the players over the age of 21 listed, the Owls are assessing a setback Di'Shon Bernard had on Wednesday in a recovery scheduled to be complete in March, Max Lowe is expected to be out for another six weeks, Sean Fusire for two to three weeks, Nathaniel Chalobah perhaps four, and Dominic Iorfa is closest to a return.

Although the Owls have 20 junior players to supplement the list, some of them are also injured and a total of 21 players are needed to fill a matchday squad in the second tier.

So with the Football League allowing Wednesday to sign one free agent to cover for Valery's departure, they are on the lookout, but not seeing many viable options.

"We are really, really searching but it's really, really, really difficult," said manager Pedersen.

"There's not much out there. We are in the evaluation of what we can do and what makes sense to do.

"It's a difficult market.

"We are looking in the American market, we're looking in the European market, we're looking all over because there are so few players out there right now. So we need to look all over if we want to have a new player in.

"We're searching (to find) if there's someone who can come in and help us. But right now we don't have any concrete players where we said, 'Okay, this is the guy we go for.'"

The considerations are not just about playing ability with the club in administration and its losses currently covered by a preferred bidder – a consortium led by former Sheffield United advisor James Bord – which will not be allowed to takeover if they do not pass the Football League's ongoing owners and directors test.

"We want to use the money and the club in the best possible way," stressed Pedersen, whose side are doomed to relegation whoever they put on the field but want to protect developing players and bodies.

"That's also why we're not just taking the first and the best player. We have used few, few money in the window, of course, because we are under administration.

"We will think before we use money again but of course, we try to see if we can find a player who can help and support the boys to make the team stronger so we can get better results."

Former Olympiacos forward Zain Silcott-Duberry is training with the club this week but Pedersen says there are no plans at present to invite other free agents to do likewise.

Liam Cooper is the only fitness doubt for the upcoming game at home to Barry Bannan's Millwall from the squad beaten 4-0 at Swansea City on Sunday.