Sheffield Wednesday announce successful takeover and exit from administration

The group headed by David Storch, Michael Storch and Tom Costin has finalised the purchase, with the Football League (EFL) verifying that the team has satisfied every condition to leave administration.

"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," David Storch said in a statement.

"Sheffield Wednesday deserves stability, ambition and a clear direction. That is what we are here to deliver."

The Owls, four time winners of the top division, have suffered through a dismal season under previous owner Dejphon Chansiri, including a 12 point deduction for administration and six more for financial rule violations.

Consequently, they hold the unwanted record as the earliest Championship relegation in February. Over 45 matches, they managed just one victory, 12 stalemates and 32 losses, leaving them at minus three points before the last round on Saturday.

The side will welcome avoiding a further 15 point penalty upon departing administration.

"This has been an incredibly challenging and complex situation for all parties," the EFL stated.

"As such the EFL Board has 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.

"This decision has been made by the Board after considering the proposals made to Mr Chansiri by the joint Administrators and new ownership."

Chansiri, in charge since 2015, received a three year ban from the EFL last year preventing him from owning or managing any club.