Sheffield Wednesday fans' trust receive preferred bidder assurances and accuse EFL of 'running scared'

The Sheffield Wednesday Supporters’ Trust has received assurances from preferred bidder David Storch that he intends to proceed with the purchase of the club even if they have to start next season on minus 15 points.

Storch, his son Michael, and business partner Tom Costin, aim to complete a takeover of The Owls by May 1 despite facing several challenges, including a possible points deduction and the work needed to make Hillsborough stadium safe, which they detailed in a statement on Wednesday night.

In his latest communication, Storch said it was his ‘absolute intention’ to plough on with buying the club, adding that it is ‘worth saving’, which has also been made clear to the supporters’ trust in the last couple of days.

Speaking to The Star, James Silverwood, of the supporters’ trust, said: “The first thing to communicate with all Sheffield Wednesday supporters is that the trust has been fortunate enough to, in the last 48 hours, have some dialogue with David Storch directly and they absolutely will be proceeding with the purchase of Sheffield Wednesday regardless of whether the EFL apply minus 15 points at the start of next season or not. I think that is the first thing to make absolutely clear. We have been given that guarantee that they are proceeding with the purchase of the club.”

Given all of the hurdles that Storch will have to overcome to get a deal over the line, Silverwood believes Wednesday are ‘extremely fortunate to still have a forward-thinking progressive ownership group who are willing to move the club forward’, revealing that the potential new ownership are committed to making sure locally-based creditors are not left out of pocket as a result of not meeting the English Football League’s ‘25p in a pound rule.’

He said: “A great example of their willingness to rebuild the club around supporters and community, is the fact that they have, in discussion with the trust in the last 48 hours, said that they will ensure that all local based creditors are recompensed 25p in the pound in accordance with the EFL rules and that has been communicated to the EFL. So the EFL is abundantly clear that their insolvency policy is only primarily protecting one person and that is the previous owner Dejphon Chansiri who they failed to regulate properly and who led Sheffield Wednesday into the dire straits that they currently find themselves in.”

In his lengthy statement, Storch outlined how the EFL is standing firm on the 15-point deduction the club is set to face because their takeover bid does not meet the ‘25p in the pound’ creditor rule, which Silverwood claimed has ‘absolutely no legal standing in English law. However, The Star understands the EFL believe the ruling to be ‘enshrined’ in their regulations.

Silverwood said: “In agreement with the Storch statement, we are calling for the EFL insolvency policy to be subject to independent scrutiny. If the EFL was a confident organisation, who had confidence in their own guidance and application of their guidance, they would have nothing to fear with subjecting it to arbitration would they? But what the EFL present themselves by trying to avoid scrutiny and trying to avoid transparency, they look like an organisation who are aware of the weakness of their position. They give the impression of an organisation who is running scared.”

Wednesday’s 15-point deduction could, in theory, be avoided should former owner Dejphon Chansiri withdraw his substantial creditor claim that is owed to him - and that would not be paid to him in any way because of the value of the Storch bid.

When asked if he had a message for Chansiri, Silverwood added: “Withdraw your creditor claim, if you love Sheffield Wednesday that is what you should do. If you won’t do that, engage with the lawyers you are probably expensively paying and get a deal done with the new owners and we can start next season on zero points.”