The club administrators have announced the new preferred bidder for Sheffield Wednesday Football Club in the following statement:
‘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.
David Storch added: “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.”
The Administrators would like to thank supporters, staff and players for their continued patience during this process and will provide further updates when appropriate.’
Kris Wigfield
Paul Stanley
Julian Pitts
Joint Administrators
Sheffield Wednesday Football Club
