Summary
Sheffield Wednesday will begin next season in League One with a 15-point penalty due to their financial situation. The preferred new owners, Arise Capital Partners, disagree with this punishment and have asked for a review but were refused.
Key Facts
- Sheffield Wednesday has been under administration since October 24 and was docked 18 points this season.
- Arise Capital Partners, led by David Storch, is the preferred bidder to take over the club.
- The EFL informed the group that the club will start next season with a 15-point penalty.
- The penalty is because the bid offers creditors about 6 pence per pound owed, below the 25 pence per pound needed to avoid points deductions.
- Former owner Dejphon Chansiri is the main creditor and has not agreed to reduce or restructure the club’s debt.
- Attempts to negotiate with Chansiri have been unsuccessful.
- The new group says the club’s stadium needs urgent improvements.
- Despite the challenges, Arise Capital Partners plans to complete the takeover by May 1.
