'Hard to see how Owls benefit from administration'

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I can imagine nobody wants to see football clubs exploit administration to gain an advantage.

It's quite hard to see how Sheffield Wednesday benefit from their current situation though, as the EFL stands firm on a 15-point deduction for next season.

Dejphon Chansiri created a nightmare Wednesday fans are desperate to wake up from. He was the owner when the club failed on multiple occasions to pay its players and staff on time.

Players departed to raise funds to get through the season. Others cancelled their contracts. The squad is now so depleted the club has won only one league game all season. Their 37-game winless run is the longest in Football League history.

In October the situation reached a point where administration or a winding-up petition were the two options. Chansiri put the club into administration and exited, leaving a mess.

Whoever buys this club isn't getting much for their money. In terms of infrastructure, Wednesday are stuck in the 20th century, let alone being fit for 2026.

You're buying a badge and a hefty bill. That's the reality. You're taking on a salvage job to try and keep alive a club with a passionate fan base and a history dating back to 1867.

Yet in order to take on this challenge, which is about as big as any in football, you have to first satisfy the club's creditors - the main one being Chansiri.

Failure to do so at a level determined by the EFL means further punishment, even though the man responsible for the situation is the one who stands to benefit the most.

There are other smaller creditors too, plus HMRC.

My understanding is the preferred bidder, the David Storch group, intend to make sure these creditors don't miss out.

The issue for potential investors is weighing up the large sum of money required to satisfy the regulations against the value of the club considering its current state.

It's understandable why the EFL wants to guard against administration being seen as a helpful route out of danger for clubs. Not every administration is the same though.