An important deadline in the Sheffield Wednesday takeover process has been passed after a meeting was held between key figures this afternoon.

Arise Capital Partners are looking to take the club out of administration having been named as the preferred bidders of administrators at Begbies Traynor on March 10. Arise are the second preferred bidders in the process after the withdrawal of a consortium led by James Bord last month.

Discussions around the sanctions Wednesday are to be met with heading into next season have been taking place since, with central topics including the constraints that will be placed on the club’s recruitment activity going forward and a 15-point deduction set to be enacted for a failure to comply with the EFL’s minimum dividend rules.

An agreement in principle was reached on the restrictions earlier this week but The Star understands a lengthy video conferencing meeting between figures at Arise, the EFL, the IFR and Begbies Traynor took place on Friday afternoon for further discussion on the sanctions - including the likelihood of a 15-point deduction heading into next season.

A deadline of 5pm this evening had been in place around which it was felt progress would need to be made. Though no concrete conclusion on next season’s sanctions has been met as of yet, The Star understands that the preferred bidders have emerged comfortable enough with its outcome to proceed with their takeover effort.

Sources with knowledge of proceedings reported a stressful day but told The Star that while a final ratification of any sanctions has not yet been found, all parties have reached an agreement on an acceptable pathway forward. The passing of the deadline represents an important milestone for the fate of Arise’s Wednesday takeover. The takeover process continues.