Sheffield Wednesday will start next season in League One with a 15-point deduction if their preferred bidder deal with American private equity firm Arise Capital Partners goes through. Administrators have initiated exclusive talks with Arise, whose offer falls short of the EFL's requirement to repay creditors 25p in the pound. This shortfall means the club, owned by Dejphon Chansiri who loaned them £60m, would need to repay £15m to avoid the penalty.

The move follows the collapse of a £47.8m bid led by James Bord, with a lower offer from a consortium including David and Michael Storch and Tom Costin now being considered. The club will complete its remaining fixtures and staff will remain paid during the takeover process, which is now subject to EFL scrutiny. The club's Supporters Trust welcomed the new potential owners as 'warm and engaging'.