Storch consortium completes Sheffield Wednesday takeover
Sheffield Wednesday announced that US consortium Arise Capital Partners has acquired the club, officially ending Dejphon Chansiri’s ownership.
The group is led by David Storch, a 73-year-old American executive whose background is in the aviation services industry.
The EFL confirmed the news on Saturday and said it would not impose a 15-point deduction on the club following his departure from management because it was “an incredibly challenging and complex situation for all parties”.
Sources have told BBC Sport that former owner Chansiri rejected or failed to respond to multiple offers for the club, which the EFL took into account when choosing to waive the 15-point deduction.
As part of the deal, Wednesday will remain under budget restrictions for the next two seasons under “conditions of continued EFL membership” but will still be allowed to sign new players.
Storch’s son Michael and Tom Costin complete the three-man consortium.
Costin brings his football experience to Wednesday through Blue Crow Sports Group, a multi-club football ownership and investment platform with controlling stakes in Spain’s Leganes, France’s Le Havre and Mexican club Cancun FC.
Arise had set a deadline of 1 May, aware there could be further delays if the takeover was not completed before the Independent Football Regulator takes control of the new ownership process from the EFL on 5 May.
Final paperwork was completed on Friday in time for the club to announce the takeover ahead of a sold-out final-day match against West Bromwich Albion at Hillsborough on Saturday.
Owls have been in control since October 24
This led to an immediate 12-point deduction; A further six points were also deducted for costs related to missed payments to players, staff, HMRC and transfer fees from other clubs.
As a result, Chansiri received a three-year ban from owning or managing any EFL club.
However, the point penalties did not change the club’s fate; Most of the senior players were sold either by Chansiri or as part of the management process.
The club suffered the earliest ever relegation in English football when defeat at Sheffield United on 22 February sent them into League One with 13 games remaining.
Just three days later the takeover led by Dunfermline Athletic owner James Bord collapsed, leaving it in limbo on Wednesday.
But Storch, who missed out on becoming Bord’s preferred bidder in December, returned to the table to negotiate a deal with administrators.
With Chansiri’s reign over and new owners bringing new hopes, the club can look to a brighter future.
