Sheffield Wednesday have been saved after American investors Arise Capital Partners completed a takeover, with the Championship club set to start next season in League One with no points deduction
Sheffield Wednesday have been rescued after an American consortium finalised a takeover of the Championship club in crisis.
Arise Capital Partners, comprising David Storch, his son Michael Storch and Tom Costin, have acquired the South Yorkshire side. The Owls were plunged into administration back in October last year when beleaguered former owner Dejphon Chansiri was left with no choice but to relinquish control following a wave of protests from fans.
Incompetent Thai tuna tycoon Chansiri left Wednesday in a state of disarray after repeatedly failing to pay wages to players and staff. Manager Henrik Pedersen was left with a ragtag group of misfits and youngsters who have managed just a single victory all season. Wednesday suffered the earliest relegation in English football history in February and faced the grim prospect of starting on -15 points next term in League One.
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But there’s more positive news for fans, as the points deduction has been lifted following discussions with the EFL. David Storch announced in a statement that Wednesday have been ‘reborn’ through the takeover, reports the Mirror.
“The circumstances they have endured are unprecedented but their professionalism and loyalty shown throughout must be and is recognised,” he stated. “Today, this club is reborn – and we look forward with determination to the work that lies ahead.”
A consortium led by former professional poker player James Bord was originally awarded preferred bidder status in December, but the deal collapsed in February. This allowed Storch and Arise to re-enter negotiations having initially been outbid, and they have now assumed control at Hillsborough ahead of Saturday’s season finale against West Bromwich Albion.
Despite beleaguered Wednesday’s struggles, a capacity crowd turned out to greet their new owners. It will be remembered as the largest attendance of any Championship fixture this season.
Wednesday sit on -3 points and must defeat the Baggies to reach zero. They were docked a combined 18 points for a mixture of missed payments and entering administration.
Their solitary victory of the campaign arrived back in September over Portsmouth at Fratton Park. Wednesday supporters are yet to witness their team secure three points at Hillsborough, with just one chance now remaining.
The Owls have been absent from the top flight since suffering relegation from the Premier League in 2000. Their looming drop to League One will mark the fourth occasion they have fallen to the third tier during that period.
However, they can now anticipate a fresh beginning under Storch’s leadership, who has pledged to invest in the playing squad, stadium and training ground. He has also emphasised the significance of supporter engagement after fans became deeply alienated from the club under Chansiri’s disastrous ownership.
“Sheffield Wednesday deserves stability, ambition and a clear direction. That is what we are here to deliver,” he pledged. “We know trust must be earned. We are humbled by the opportunity, we take this seriously as stewards of this incredible club – we will approach this with humility, transparency, and a long-term commitment to doing things the right way.”