US consortium takes over Sheffield Wednesday

Sheffield Wednesday have announced that US consortium Arise Capital Partners has bought the club, officially bringing to an end Dejphon Chansiri's ownership. The group is led by David Storch, 73, an American executive whose background is in the aviation services sector. The EFL confirmed the news on Saturday, and said it would not impose a 15-point deduction on the club following its exit from administration as this has been "an incredibly challenging and complex situation for all parties". Sources have told BBC Sport that former owner Chansiri rejected or simply did not respond to multiple offers for the club, which the EFL took into consideration when choosing to waive the 15-point deduction. As part of the agreement, Wednesday will remain under budget restrictions for the next two seasons as part of the "conditions of continuing membership in the EFL" but they will still be permitted to sign new players. Storch's son, Michael, and Tom Costin complete the three-man consortium. Costin brings football experience to Wednesday through Blue Crow Sports Group - a multi-club football ownership and investment platform with controlling interests in Leganes from Spain, Le Havre in France and Mexican club Cancun FC. Arise had set a deadline of 1 May, aware that there could further delays if the takeover was not completed before the Independent Football Regulator took control of the new owner process from the EFL on 5 May. …