Sheffield Wednesday are in shape to bounce back

Failure to win Sunday's final game of the season against Crystal Palace sent the Owls into League One for the second time in five years.

Although Wednesday have debts of 26m, Strafford insists that significant progress has been made off the field in the last 15 months and that the Owls are in full control of their finances.

However, Strafford – who also offered his full support to manager Alan Irvine – admits that the club cannot rely on investment this summer from Chicago-based Club 9 Sports.

The Americans have been talking with the Owls' board and the club's creditors for several months but have yet to commit to a deal amid interest from other parties.

"It is vital that our supporters understand that we are in a much better position to operate successfully in League One now than when we were previously relegated from the Championship in 2003," said Strafford.

"Over the past year, all non-footballing aspects have been restructured in order to build financial strength so that greater investments can be made on the pitch in the long term.

"We have also sought to rebuild strong relationships within the Wednesday family following a period which was very fractious in order to underpin the emotional and financial support that our club needs.

"The last time this club was relegated we were still paying Premier League wages to players, we did not have any recognisable assets that could be sold in order to reinvest in squad development, and the club was in the process of stripping away key elements of its foundations as part of dramatic cost-cutting activities.

"Our revenue streams from the Football League, including media rights income, will decrease but our football costs will also go down. With the continued support of our fan-base, I am confident that we can challenge for promotion next season."

Asked whether relegation jeopardised the proposed investment by Club 9 Sports, Strafford said: "As far as what people say, relegation won't affect it –but we will only get to see what that actually means if it does happen. We should never be in a position of relying on external investment. If and when the investment process concludes positively then it will be a positive step for the club, providing an elevated investment in our club infrastructure and playing operations.

"But we can't forget that this club is pretty much fan-owned and can't say the only way forward is for someone else to write a cheque. Next, we will be saying someone else has got to come in and cheer on the team."

Over 9,000 fans have already purchased season tickets for next season but there is still the possibility of gates falling for games against such as Rochdale, Yeovil and Carlisle instead of Middlesbrough, Portsmouth and Sheffield United.

"Everybody at Sheffield Wednesday is massively disappointed to have been relegated from the Championship and tens of thousands of Wednesdayites will be hurting right now," said Strafford.

"I must say that I am sorry this has happened on our 'watch' and I would also like to stress that missing the opportunity for Sheffield Wednesday to compete in the Championship next season has been a deflating experience for me personally and for all staff at the club.

"The fact that we sold more than 9,000 season tickets before April 9 shows immense loyalty to the club and if Wednesdayites continue to back SWFC in this way then we should be able to fund one of the most competitive squads in League One next season."

Stressing his support for the club's manager, Strafford said: "Alan Irvine has a very important opportunity to rebuild our squad and the football operations in general and I am confident that we have an excellent manager who can implement a long-term strategy to achieve future success.

"We need to give Alan as much support as possible to bring in the players necessary to compete in League One and we will give the manager every opportunity to do that," he said. "If Wednesdayites continue to support the club as they have done in my time as chairman then Alan should have the tools he needs at his disposal.

"I know that, in Alan and his team, we have a group who are committed to building a football culture that Wednesdayites can identify with. They have not been able to affect major change as yet because of the immediate demands of games but that process starts now."