EFL side faces huge point penalty over refusal to pay £15m debt as new owner set to be appointed in days

Former Newcastle proprietor Mike Ashley and American financier David Storch have emerged as the leading candidates to take control at Hillsborough, though neither is prepared to pay the Thai businessman what he is owed.

Under EFL regulations, the sum must be settled to avoid triggering an automatic points deduction.

The club, currently in administration, could see a new preferred bidder appointed later this week, though no timeline is certain.

The league's rules stipulate that all football creditors must receive full payment when a club changes hands, while other creditors are entitled to 25 pence for every pound owed.

During his 11-year tenure at the helm, Chansiri provided loans totalling approximately £60million to the Owls.

Because this money was never converted into share capital, he remains the club's largest single creditor.

Any incoming ownership group would therefore need to pay a quarter of that debt, £15million, to comply with EFL requirements and avoid starting the new campaign with a significant handicap.

The US-based Storch consortium is understood to be prepared to accept the 15-point penalty in order to complete their acquisition of the club.

David Storch said: "We remain incredibly passionate about the opportunity at Sheffield Wednesday and seeing the club return to its former glory."

Ashley's offer is reportedly the lowest among the remaining bids, though he is keen to avoid any points sanction.

Beyond the purchase price, prospective buyers face substantial additional expenses.

Roughly £8million is required for stadium improvements at Hillsborough, while HMRC and other Government debts amount to approximately £6million, with legal costs reaching up to £3million.

The collapse of James Bord's takeover bid last month dealt a significant blow to the club's hopes of a swift resolution.

His consortium, which included Felix Romer and Alsharif Faisal Bin Jamil, had agreed to pay around £48million for Wednesday and was willing to settle Chansiri's debt.

This represents more than double Ashley's reported £20million offer.

The Owls have endured a catastrophic 2025/26 campaign.

They received an 18-point deduction earlier in the season after entering administration in October.

Their relegation from the Championship was confirmed on February 22 with 13 matches remaining, setting a new EFL record for the earliest drop.

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