American businessman David Storch has completed his takeover of Sheffield Wednesday, with the EFL waiving the club’s 15 extra penalty points.
The announcement follows weeks of discussions between Storch, his Arise Capital Partners consortium and management, and secures the club’s future following relegation to Ligue 1.
Former owner Digifone Chansiri was forced to leave when the club took office in October after breaching multiple financial regulations.
The club have faced two 18-point deductions over the course of the season, and ended their stormy season at home to bottom-of-the-Championship West Brom on Saturday with a 3-point lead.
Storch’s acquisition heralds the start of a new era, and it is vital that it begins without new points deductions after the EFL decided it was “not appropriate” to impose them following the club’s departure from government.
The club will be “under budget constraints for the next two seasons” but will be “allowed to sign new players in accordance with the terms of the business plan” agreed by Storch and the EFL.
“We need to give Sheffield Wednesday stability, ambition and clear direction, and that’s what we’ll deliver here,” Storch said.
“We know we have to earn trust. We are humbled by this opportunity and, as stewards of this great club, we take it seriously. We approach this with humility, transparency and a long-term commitment to doing things the right way.”
“To all of our supporters, thank you for your incredible passion and loyalty. It was an honor to share this moment with so many of you at Hillsboro, and we look forward to continuing this journey together.”
“Today, this club is being reborn, and we are determined to take on the challenges ahead.”
EFL CEO Trevor Birch added: “During this period, there have been many discussions regarding the many diverse issues that have arisen, but throughout the process the League has remained focused on working with stakeholders to find solutions to ensure a stable and sustainable future for Sheffield Wednesday, while always acting in the best interests of the EFL and the game as a whole.”
