How did Sheffield Wednesday avoid 15-point deduction?

Chansiri had made a claim for £64m in loans, meaning Arise would need to pay £16m to satisfy the 25p in the pound rule.

Storch and his team were not comfortable paying Chansiri for failure, especially because so much money needed to be spent on the infrastructure of the stadium and the training base.

Was there a way around this which would satisfy the EFL?

Deferred debt offer put to Chansiri's team

Reaching an agreement with Chansiri was never going to be easy.

During the administration process, the Thai was offered a number of offers on his debt, which were either outright refused, ignored or not taken in good faith.

"The EFL had to take into account the intransigent soul shown by Mr Chansiri and his reluctance to engage with offers made by the bidder," football finance expert Kieran Maguire told BBC Sport.

It was only last week that things fell into place.

Chansiri was made an offer which would see him receive payments, in effect, to about 25p in the pound.

But he would not receive a penny now - it would all be based upon the club's future success.

"We're probably talking about promotion first of all back to the Championship, and in due course to the Premier League. He could then get his 25%," Maguire says.

The EFL said the offer must remain on the table for a short period of time to show it was credible and serious.

But there was one final act which might just sum up Chansiri's tenure, as reported by the Sheffield Star, external.

A response to the offer had to be received by midday on Tuesday. Chansiri decided to accept, but replied too late - minutes after the deadline.

Chansiri - subject to any challenge - might now be left with nothing.

Having agreed to cancel Wednesday's 15-point deduction, the EFL board made a few other stipulations.

Football creditors and HMRC had to be paid in full, while all other non-secured creditors - local businesses - had to get their 25p straight away.

Had the EFL been less flexible, those companies faced receiving a much lower return.

"The EFL probably took the view that as HMRC are being paid 100%, football creditors are being paid 100% and other unsecured creditors are being paid 25%, other stakeholders were being treated appropriately," Maguire added.

"Therefore there was a clear case for having no penalty."

Arise had to make a firm commitment to invest in the decaying stadium immediately.

In his speech on the pitch on Saturday, Storch promised there would be both running water, and hot water, in the toilets.

That might seem like a joke, but anyone who has attended Hillsborough in recent seasons would know it was anything but.

Arise did not hang about. An outstanding charge of about £7m owed on a loan Chansiri had taken out against Hillsborough was cleared on Wednesday.

As part of a two-year business plan agreed with the EFL, some restrictions on spending and wages have been lifted.

"It's been a well-negotiated settlement by the Storch group," Maguire added.

"This allows them to put other financial commitments into the football club in terms of infrastructure where it needs to be spent.

"As a result of that, the EFL board would have felt that all parties have been reasonably well treated."

Discretion has been shown before. Derby County only paid 25p in the pound of their £25m tax bill when coming out of administration in 2022.

That should have been repaid in full, but there was no 15-point deduction. Derby also needed former owner Mel Morris to write off millions of pounds in loans.

EFL clubs are set to revisit the insolvency policy over the summer. Perhaps there will be a way to treat directors' loan differently to others, and separate money owed to local businesses.

But it will be the clubs who decide this themselves.

A solution is needed that suits everyone - and that is never easy to find when self-interest is involved.