David Storch has reached a key milestone in his proposed takeover of troubled English club Sheffield Wednesday, with the final financial and “UK banking” arrangements
David Storch completes ‘UK banking’ work as Sheffield Wednesday takeover nears
David Storch has reached a key milestone in his proposed takeover of troubled English club Sheffield Wednesday, with the final financial and “UK banking” arrangements now understood to be complete as the deal edges closer to conclusion ahead of a 1 May target date.
The Championship season is drawing to a close, and optimism is growing that a long-awaited change of ownership at Hillsborough is finally within reach after months of uncertainty. The Owls have been in administration since October, leaving the club’s future hanging in the balance and supporters anxiously awaiting stability.
Storch’s consortium was confirmed as the preferred bidder in March, following the collapse of a proposed deal involving James Bord. Since then, negotiations have accelerated, with administrators Begbies Traynor working closely with the group to finalise terms and satisfy financial requirements.
Sources close to the process say significant progress has been made on funding and compliance checks, including UK banking requirements that often represent one of the final hurdles in football takeovers. The aim is now to complete the transaction before the Independent Football Regulator (IFR) assumes greater oversight responsibilities on 5 May.
The English Football League (EFL) is still conducting its standard owners’ and directors’ tests, but responsibility for such assessments is expected to transition to the IFR next month, a shift that could introduce additional scrutiny or potential delays for pending deals.
Despite the regulatory complexity, optimism remains that the transaction can be completed within the current EFL framework, allowing the new ownership group to begin rebuilding the club without further disruption.
On the pitch, the situation has already had severe consequences. The Owls have suffered relegation to League One following financial instability under former owner Dejphon Chansiri, marking a difficult period in the club’s recent history.
However, there is renewed hope among supporters. It has already been confirmed that Sheffield Wednesday will welcome a full capacity crowd at Hillsborough for their final match of the season, with anticipation building around what many believe could signal the end of a turbulent era.
If completed, the takeover would mark a fresh start for one of English football’s historic clubs, with Storch and his consortium expected to prioritise financial stability and long-term rebuilding as they prepare for life in League One.
