Sheffield Wednesday's long takeover saga is finally over after U.S. consortium Arise Capital Partners completed its purchase of the club and a 15-point deduction has been avoided.
The already-relegated Championship club announced the news on the pitch ahead of the last fixture of the campaign, at home to West Brom.
David Storch, who led the consortium, was introduced to a rapturous welcome to officially bring a painful chapter to a conclusion after financial problems had impacted the Owls in recent years under old owner Dejphon Chansiri and looked set to roll into next season, but a 15-point deduction will no longer be issued.
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"The Joint Administrators of Sheffield Wednesday Football Club Limited are pleased to confirm the successful completion of the sale of the club to Arise Capital Partners LLC, a consortium led by David Storch, alongside Michael Storch and Tom Costin," a statement read.
"The transaction has been completed following constructive engagement with key stakeholders, including the English Football League (EFL), and in accordance with all relevant regulatory requirements.
"As part of this process, the EFL Board exercised its discretion, as provided by the Insolvency Policy, and concluded that it would not be appropriate to impose a 15-point deduction on the club following its exit from Administration.
"As such, the club will begin the upcoming season on 0 points. A position has also been agreed on wage and transfer parameters that is both acceptable and supportive of the club's forward progress.
"The sale secures the long-term future of the club and marks the beginning of a new era for Sheffield Wednesday -- one built on stability, responsibility, and renewed belief."
Chansiri took over in 2014 and after two failed playoff bids to reach the Premier League, Wednesday were relegated to League One in 2021 and whilst a return to the second tier was achieved two years later, outstanding HMRC debts emerged.
It was the start of a difficult period for Wednesday. A transfer embargo followed and player wages were not paid on time as Chansiri blamed cashflow problems before the club entered administration in October.
Even though it officially ended Chansiri's tenure as owner, the collapse of a preferred buyer in February after the earliest relegation in Football League history left Wednesday in a vulnerable financial position but Storch's Arise group has finally completed its takeover.
Storch said in a statement: "Ever since we attended the match against Norwich City at Hillsborough on 5 November and saw the excitement and enthusiasm from the fans, we've been hooked.
"From the very beginning, this has been about more than an acquisition. It has been about responsibility - to the club, to its history and most importantly to its supporters. Sheffield Wednesday deserves stability, ambition and a clear direction. That is what we are here to deliver.
"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.
"Today, this club is reborn -- and we look forward with determination to the work that lies ahead."
Joint Administrator Kris Wigfield added: "In getting to know David over the course of this transaction, I am assured the club has gained a custodian befitting its stature and tradition.
"To the supporters, staff and players -- thank you. Your resilience and loyalty have carried the club through this period. You have never wavered."
An EFL statement read: "The EFL welcomes confirmation from the Administrators of Sheffield Wednesday Football Club, BTG, that they have formally concluded an agreement with Arise Capital Partners LLC, a consortium led by David Storch, alongside Michael Storch and Tom Costin, to the transfer of assets of the club and place Sheffield Wednesday under new ownership.
"Consequently, the EFL can now confirm that the club, under its new ownership, has met the relevant League requirements and is therefore no longer regarded as in Administration."