Firstly, the Owls have been officially informed by the Football League that their former chairman's move into Chesterfield was approved by the authorities, under undisclosed conditions which protect Hillsborough interests.

A Wednesday statement says that they held "constructive and useful dialogue" with the League.

"We want all fans to know that we are aware that the League have imposed a legally binding agreement that protects not only the integrity of the competition (ie the Football League) but also the interests of Sheffield Wednesday."

Allen is still owed around £2.5 million by the Owls and retains a shareholding of almost 10 per cent.

The League will have had to be satisfied that he will not unduly influence Wednesday affairs while also being Chesterfield's major shareholder.

Andy Williamson, the Football League's chief operating officer, who had to give permission for the move, said; "The agreement ensures that the League can protect the integrity of its regulations and allow Chesterfield to access the funds it needs to progress.

"We are pleased that the directors of Chesterfield FC have agreed to our requirements and we wish the club every success for the future."

Allen, aged 67, has spoken of his desire to see the Spireites in the Championship in "three to five years".

Meanwhile, Wednesday are understood to be disputing Allen's claim that he and other Owls loan-note holders will have to be repaid next May and that this will be a "financial D-Day" for the club.

While acknowledging that there was an earlier arrangement to this effect, the Owls are thought to be insisting that it has been superseded by an agreement that says they are obliged to repay the loans only once the club's debt to the Co-op bank has been reduced to a certain level.

There is no plan to repay debt until the club either win promotion or clinch new investment.

The bank, who are owed around £21m, have the power to authorise earlier repayment of loans - but this is thought by Hillsborough insiders to be inconceivable in view of the strong relationship with the bank and their backing of the Owls' business plan.

Allen launched a vitriolic attack on Sheffield Wednesday, making a damning statement about the club as a whole, when he spoke after yesterday's announcement.

He also claimed that the mistake Wednesday made was in losing him from the club, adding that they could have had the money now going into Chesterfield's coffers.

Wednesday have declined to comment on claims that their former chief executive, Kaven Walker, has received around £300,000 since he left the club earlier this year - a settlement of around £200,000 plus his salary until this month. He is said to have been on £175,000 a year.

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