EFL vetting of Sheffield Wednesday bidders Arise continues, with supporters expecting update in coming weeks
Sheffield Wednesday could be under new ownership by the end of this month, with the English Football League’s checks on the preferred bidding consortium understood to be progressing without major issue.
Officials from the EFL have so far identified no red flags during their examination of Arise Capital Group, the consortium led by US billionaire David Storch. Should this continue, a takeover could be ratified in time for the club’s final Championship fixture on May 2, allowing the Arise group to begin its stewardship before the imminent introduction of a new Independent Football Regulator.
The path to approval and the EFL’s test
The critical hurdle for any prospective owner is the EFL’s Owners’ and Directors’ Test. This assessment, which Arise is currently undergoing, is designed to evaluate an individual’s integrity, honesty, financial soundness, and competence to run a football club. It requires clarity on the ultimate source of funding for a takeover.
This transparency was a stumbling block for a previous bid. A consortium led by former professional poker player James Bord, which also included a crypto-casino owner and a Jordanian businessman, collapsed earlier this year after the EFL identified a number of hurdles and could not be satisfied the test’s demands would be met.
In contrast, the Arise group, which also includes Michael Storch and Tom Costin, has provided a substantial deposit and evidence of funds. While David Storch, who made his fortune in the US aviation industry, is not subject to UK company reporting requirements, officials are said to be assured over the provenance of the money. A number of procedural issues remain outstanding, but there is reported to be greater clarity this time around.
The consortium stepping in
Arise Capital Group entered the process after the Bord consortium’s withdrawal and amid rival interest from former Newcastle United owner Mike Ashley. The group has pledged to cover any trading losses incurred by Sheffield Wednesday if the takeover is not completed within an eight-week period.
David Storch has expressed a desire to complete the purchase by early May, aiming to be prepared for the summer transfer window. His stated plans include repairing the fractured relationship between the club and its supporters, potentially involving club legends in ambassadorial roles, and he has hinted at potential changes to the club’s kits and badge. The consortium is also looking to appoint a chief executive to manage day-to-day operations.
A club in profound crisis
The new owners will inherit a team at its lowest ebb. Sheffield Wednesday’s relegation from the Championship was confirmed in February, making them the first team in English Football League history to be relegated that early in a season. They will begin the 2026-27 campaign in League One.
Their descent has been marked by an unprecedented sporting decline. The team has failed to win in 37 league games, a record-breaking winless run that surpasses previous lows set by Derby County and Macclesfield Town.
The club’s financial state is dire, a legacy of the former ownership of Dejphon Chansiri. Chansiri, who bought the club for a reported £37.5 million in January 2015, placed it into administration in October 2025 under pressure from creditors and a supporter backlash after a failure to pay players and staff on time. Administrators from Begbies Traynor were appointed to oversee the club’s affairs.
This mismanagement has led to severe sporting penalties. The club was deducted 12 points upon entering administration, followed by a further six-point deduction in December for breaches of EFL regulations. Crucially, because Arise’s offer does not meet the requirement to pay creditors 25 pence in the pound, the club is set to start next season in League One with an additional 15-point deduction. This means Chansiri, who is owed approximately £62 million and is now prohibited from being an owner or director of any EFL club for three years, will not recoup his investment.
The EFL and Wednesday’s administrators have been working with the soon-to-be-active Independent Regulator for Football, established under the Football Governance Act 2025, which will oversee takeovers from May 5. The aim is to ensure Arise satisfies both the EFL and the Regulator’s requirements, with the hope that the league can give the final green light before the new body formally takes over its remit of safeguarding financial stability and ownership transparency.
Sheffield Wednesday, founded in 1867 and a founding member of the Premier League, is a four-time English champion with a rich history. Its current plight, facing a future in the third tier with a massive points penalty, represents one of the most dramatic falls from grace in the modern game.
