Sheffield Wednesday have a new preferred bidder, and there’s hope that this one can get the deal over the line.

It’s been a long 12 months at Hillsborough, but there’s now some light at the end of the tunnel after it was confirmed late on Tuesday evening that things had progressed to the next stage of finding a new owner. We’ve been here before of course, with James Bord and Co, but it’s hoped that this bid, led by David Storch and Tom Costin, can herald a new era.

The Star reported on Monday that things were moving forward with the Americans, and earlier today this publication explained that they’d met with Henrik Pedersen, Liam Palmer and other senior members of staff. They were also in attendance for the 1-1 draw against Watford.

Sheffield Wednesday’s new preferred bidders

A statement from the club said, “Following the update issued on 25 February regarding the withdrawal of the previous preferred bidder, the Joint Administrators of Sheffield Wednesday Football Club can confirm that Arise Capital Partners LLC has been selected as the new preferred bidder for the Club.

“Arise Capital Partners LLC (“Arise”) comprises David Storch, Michael Storch and Tom Costin. The consortium has supplied a substantial deposit and evidence of funds which they propose to use to complete the proposed transaction and support the Club going forward.

“An exclusivity agreement has now been entered into, under which the preferred bidder has committed to fund the Club’s trading losses after eight weeks if the transaction has not completed within that timeframe. This ensures the Club can continue to operate normally while the regulatory process progresses.

“The EFL has advised us that it stands ready to work as quickly as is practically possible with the preferred bidder and their team as they seek to meet the requirements of the League’s Regulations and complete the transaction.

“The offer from Arise Capital Partners represents the strongest proposal received following the renewed bidding process initiated last week. The offer is less than the amount required to pay creditors 25p in the £ - whilst the offer does not deliver the same level of creditor return as the previous proposed transaction, it nevertheless represents the best available outcome currently achievable and provides a clear pathway toward securing the Club’s long-term future.

“Our focus remains unchanged: to secure a responsible sale of the Club, protect its future and achieve the best possible outcome for creditors. Sheffield Wednesday continues to trade as normal. Fixtures will continue to be fulfilled and staff and players will continue to be paid... The Administrators would like to thank supporters, staff and players for their continued patience during this process and will provide further updates when appropriate.”

Meanwhile, Storch himself said, “We are thrilled and excited to take this important step toward stewardship of this historic football club. As we continue through this process, we are looking forward to working with the local community, engaging transparently with fans and embarking together on this journey to restore Sheffield Wednesday to its rightful place. We are absolutely committed to delivering a brighter future for our fans and bringing joy back to Hillsborough.”