\n<\/p>\n
The EFL has informed the preferred bidder for Sheffield Wednesday that the club will start next season in League One with a 15-point penalty.<\/b><\/p>\n
Arise Capital Partners, a consortium led by David Storch, was named preferred bidder last month after a previous takeover of the administration-hit club fell through.<\/p>\n
Storch said in a statement that the group wants the EFL to recognise the “unique” nature of the League One-bound club’s situation.<\/p>\n
However, <\/b>BBC Sport understands that the American private equity company’s \u00a320m bid, when broken down, will represent about 6p in the pound to the unsecured creditors – of which former owner Dejphon Chansiri would be the major beneficiary.<\/p>\n
This falls notably short of the 25p in the pound required to avoid a 15-point deduction next season.<\/p>\n
“We have now been informed that a 15-point penalty is set to be imposed at the start of next season. We fundamentally disagree with this decision,” said Storch.<\/p>\n
“We also requested the opportunity for this matter to be reviewed through independent arbitration – going as far as offering to cover all associated legal costs ourselves in the interest of transparency and fairness. That request has been denied.<\/p>\n
“What makes this situation particularly difficult is that it is entirely unique. A significant portion of the club’s debt sits with its former owner who has not agreed to write down or restructure that debt.<\/p>\n
“We have made repeated attempts, through the administrators, to engage with Mr Chansiri in order to find a constructive resolution. Those requests have gone unanswered.”<\/p>\n
Storch said the facilities at the club’s Hillsborough home are “inadequate” and require “significant and urgent” work.<\/p>\n
Despite the ongoing difficulties, Storch reassured fans the group still intends to complete a takeover by 1 May.<\/p>\n
“Sheffield Wednesday is worth saving. We believe in its supporters, its history, and its future,” he said.<\/p>\n
“And, as we have shown to date, we remain prepared to invest the time, capital and energy required to rebuild this club properly – from its infrastructure to its footballing foundations.<\/p>\n
“We are simply asking to be heard properly, for the circumstances to be fully considered, and for a decision that reflects the reality on the ground – not one that risks further harm to a club facing extraordinary challenges and that has already suffered substantial penalties.”<\/p>\n<\/div>\n
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