Huge Sheffield Wednesday points update as Owls takeover is confirmed
Sheffield Wednesday will start next season on zero points after Arise Capital Partners completed the purchase of the club.
There’s a party atmosphere at Hillsborough this afternoon ahead of the clash with West Bromwich Albion, and a sell-out crowd is attending for the beginning of a new era for the Owls.
David Storch, Michael Storch and Tom Costin are all in attendance after finalising the deal, as is the incoming new Chief Executive Officer, David Bruce.
Over 33,000 people have descended into S6 for the clash, and there was a huge roar as the new owners took to the field ahead of kick off. News of a starting League One without a points deduction is massive.
Zero point Owls
A joint statement was released not long afterwards, reading:
Completion of Sale to Arise Capital Partners LLC
The Joint Administrators of Sheffield Wednesday Football Club Limited are pleased to confirm the successful completion of the sale of the Club to Arise Capital Partners LLC, a consortium led by David Storch, alongside Michael Storch and Tom Costin.
The transaction has been completed following constructive engagement with key stakeholders, including the English Football League (EFL), and in accordance with all relevant regulatory requirements.
As part of this process, the EFL Board 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. As such, the Club will begin the upcoming season on 0 points. A position has also been agreed on wage and transfer parameters that is both acceptable and supportive of the Club’s forward progress.
The sale secures the long-term future of the Club and marks the beginning of a new era for Sheffield Wednesday - one built on stability, responsibility, and renewed belief.
Throughout this turbulent period in the Club’s history, staff and players have shown unwavering professionalism and pride. Supporters - through uncertainty and frustration -have shown they are amongst the most loyal in the land.
The Joint Administrators will now work closely with the new ownership group to ensure a smooth transition into this next phase. Further updates will follow in due course
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David Storch’s first words
Meanwhile, David Storch - on behalf of Arise Capital Partners LLC - said, “Ever since we attended the match against Norwich City at Hillsborough on 5 November and saw the excitement and enthusiasm from the fans, we’ve been hooked. 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.
“Sheffield Wednesday deserves stability, ambition and a clear direction. That is what we are here to deliver.
“We know trust must be earned. We are humbled by the opportunity, we take this seriously as stewards of this incredible club - we will approach this with humility, transparency, and a long-term commitment to doing things the right way.
“I would like to thank the EFL for their constructive engagement in reaching this resolution. This has been a complex journey, and their willingness to work with us to secure a fair and sustainable position has been vital.
“I would also like to acknowledge the administrators at BTG, whose expertise, diligence, and steady guidance have been instrumental in navigating this highly challenging situation.
“In addition, I want to recognise the outstanding work of my team, whose dedication, professionalism, and belief in the potential of this football club have been central to achieving this result.
“I would like to pay tribute to the hard work and support of the Sheffield Wednesday Supporters’ Trust and local Members of Parliament, whose engagement and advocacy have been so important throughout this process.
“To our supporters: thank you for your incredible passion and loyalty. It was a privilege to share this moment with many of you at Hillsborough, and we look forward to continuing this journey together.
“I would also like to take this opportunity to thank the entire staff at Hillsborough and Middlewood Road for their hard work and dedication during the most challenging of times.
“The circumstances they have endured are unprecedented but their professionalism and loyalty shown throughout must be and is recognised.
“Today, this Club is reborn - and we look forward with determination to the work that lies ahead.”
Kris Wigfield: ‘You have never wavered…’
Kris Wigfield, Joint Administrator, went on to add, “This has been one of the most challenging and important processes we have ever undertaken. From day one, our objective was clear - to protect this football club and to secure its future.
“Sheffield Wednesday is not just a business. It is a club with deep roots, history and a community that cares passionately about it. We have felt that responsibility every single day.
“We are proud to have achieved a transaction that not only delivers for creditors but gives the Club a real opportunity to move forward with stability and purpose.
“We need to remember that, as part of this process, people and businesses have lost money that affects their livelihoods. I would like to thank them for their sacrifice, and I hope the payments that this transaction delivers helps them move forward.
“In getting to know David over the course of this transaction, I am assured the Club has gained a custodian befitting its stature and tradition.
“To the supporters, staff and players - thank you. Your resilience and loyalty have carried the Club through this period. You have never wavered.”