Sheffield Wednesday are finally under new ownership after US group Arise Capital Partners completed their takeover ahead of Saturday’s Championship fixture at home to West Bromwich Albion
Sheffield Wednesday’s new co-owner, David Storch, announced the takeover(Image: Phil Duncan/Every Second Media/Shutterstock)
Sheffield Wednesday have been SAVED after an American group completed a long-awaited takeover of the Championship crisis club. Arise Capital Partners, made up of David Storch, son Michael Storch and Tom Costin, have purchased the Hillsborough side.
The Owls were placed in administration back in October last year after hapless former owner Dejphon Chansiri was left with little option but to cease control following a series of protests from supporters. Inept Thai tuna magnate Chansiri left Wednesday in the doldrums after multiple missed wage payments to players and staff.
Manager Henrik Pedersen was left with a squad of misfits and kids who have won just once all season. Wednesday suffered the earliest relegation in English football history in February and faced the prospect of starting on -15 points next term in League One.
But in more good news for supporters, the points deduction has been removed following talks with the EFL. David Storch declared in a statement that Wednesday have been ‘reborn’ through the takeover.
READ MORE: Sheffield Wednesday takeover latest as bidder clears ‘major hurdle’ after talks
“The circumstances they have endured are unprecedented but their professionalism and loyalty shown throughout must be and is recognised,” he said. “Today, this Club is reborn – and we look forward with determination to the work that lies ahead.”
A consortium fronted by former professional poker player James Bord was initially given preferred bidder status in December, but the takeover fell through in February. That saw Storch and Arise return to the table having initially been outbid and they have now taken control at Hillsborough ahead of Saturday’s season finale against West Brom.
Despite beleaguered Wednesday’s woes, a sellout crowd was in attendance to welcome their new owners. It will go down as the biggest attendance of any Championship game this season.
Wednesday sit on -3 points and need to beat the Baggies to reach zero. They were deducted a total of 18 points for a combination of missed payments and entering administration.
Their only win of the campaign came back in September over Portsmouth at Fratton Park. Wednesday fans are yet to see their side claim three points at Hillsborough, with just one opportunity now remaining.
The Owls have been out of the top flight since suffering relegation from the Premier League in 2000. Their impending relegation to League One will be the fourth time they have slipped to the third tier in that time.
But they can now look forward to a fresh start under the stewardship of Storch, who has promised to invest in the playing squad, stadium and training ground. He has also spoken of the importance of fan engagement after supporters became fiercely disenfranchised from the club under Chansiri’s wretched ownership.
“Sheffield Wednesday deserves stability, ambition and a clear direction. That is what we are here to deliver,” he vowed. “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.”
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