‘A fighting chance’: What Sheffield Wednesday’s new owners plan for next season
Only in the English Football League could a relegation season featuring a minus points total and not a single home win conclude with the “mother of all parties”.
At Sheffield Wednesday on Saturday a sell-out crowd of almost 35,000 will gather to celebrate the end of their worst ever campaign, but also the start of a new era under US owners Arise Capital Partners LLC.
Lawyers worked through the night on Thursday to complete the takeover deal on Friday. A public announcement was due to follow but got pushed back to Saturday with assurances that “nothing sinister” was delaying the confirmation. Now the hard work starts.
While the group will finally get the keys to Hillsborough on Saturday morning, work has been going on furiously behind the scenes for months to piece together a club left broken by former owner Dejphon Chansiri.
Consortium members David and Michael Storch – alongside business partner Tom Costin, who has experience of football through his Blue Crow Sports Group – have impressed with both their industry and willingness to engage with the fanbase.
They’re already “along the way” with a director of football appointment, a new CEO is lined up, and potential signings are understood to be in the pipeline too.
“They’ve not put a foot wrong. They reached out to us in the early days when the club was for sale and talked to the Trust,” says Rob Brookes, a board member at the club’s Supporters Trust.
“They’re very engaged, they want to engage the Trust, all the fans, the artistic and music community. They’ve been in touch with the Mayor of South Yorkshire, the leader of the council – they’ve been all over the place, they’re so energetic.”
On Saturday fans will don Hawaiian shirts to celebrate “Honolulu Wednesday” – a tribute to a song sung on the terraces since the eighties – but the challenges really are considerable.
As it stands the club will start next season in League One with a 15-point penalty and the EFL were also planning to restrict the club to a £7m-a-year wage budget, with a maximum of £7,000-a-week for any player. Given the Owls have to rebuild an entire squad, that feels fairly onerous.
Sources indicated that detailed conversations with the EFL – described as “hard bargaining” – that have taken place over weeks have reduced those penalties, although part of the discussions has been strict secrecy over what has been agreed.

The Trust have previously suggested starting with those “Draconian” penalties would be a threat to the club’s very survival. But the fact Arise stayed at the table suggests there has been progress with the EFL.
“We hope they give us a fair fighting chance. It would be so unfair to impose those conditions on a new group of owners – especially when we’ve got to essentially rebuild an entire squad,” Brookes says.
The consortium have deep pockets and will need them. “Coming out of administration is almost the easy part for Sheffield Wednesday,” says football finance expert Rob Wilson, who provided advice and counsel to some of the interested parties in the early days of the takeover saga at Hillsborough.
“The club has decayed over the last decade and the stadium needs serious work. This is a £100m project at a bare minimum – that’s in terms of acquisition, redevelopment of infrastructure and more.”
The new owners have been undeterred. “Arise are going into this with their eyes wide open,” Brookes says.
“They know the club needs serious financial investment to get anywhere close to being back to being a competitive force.”
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