A new timeline has been revealed for when the Independent Football Regulator’s revamped Owners and Directors Test will take effect — and it could directly influence the ongoing takeover process at Sheffield Wednesday.
The Owls have been searching for new investment for weeks, having entered administration just over a month ago.
The move came after former owner Dejphon Chansiri — whose turbulent 10-year tenure at Hillsborough recently came to an end — placed the club into administration, triggering an automatic 12-point deduction. Wednesday were then hit with an additional six-point penalty in early December due to repeated breaches of EFL rules, including delayed wage payments to players, staff, and management, along with other missed financial obligations dating back to March.
The club is currently being run by administrators Begbies Traynor, who have long-standing ties to Wednesday. Among the trio overseeing the process is Kris Wigfield, a lifelong season-ticket holder, who has been doing his best to keep supporters informed during what has become an incredibly challenging period.
A number of names have been linked with a potential takeover — interest that dates back to the final months of Chansiri’s troubled reign. He had previously been seeking £100m to sell, before ultimately placing the club into administration. Now, it is believed that an offer in the region of £30m could be enough to secure exclusivity as Begbies Traynor work to conclude the process.
As expected, there have been numerous twists throughout the bidding battle, but the latest regulatory development may help move things along. Every prospective owner in the Championship, League One, and League Two faces intense scrutiny through the EFL’s existing Owners’ and Directors’ Test, introduced in 2004. Candidates must prove they are not disqualified from ownership, and must demonstrate credible financial plans and legitimate funding sources.
But after a string of cases involving mismanagement across English football — including at Bolton Wanderers, Birmingham City, Blackpool, Coventry City, Hull City and most recently Wednesday themselves — the push for stronger regulation has intensified.
This led to the creation of the Independent Football Regulator (IFR), officially launched in Autumn 2025 following the Government’s Football Governance Act. David Kogan was appointed chair and Richard Monks became the first Chief Executive.
The IFR’s new test for existing owners is set to roll out on December 12th. However, the more significant change — the test for new prospective buyers — will not be implemented until May. According to the Yorkshire Post, it is this second stage that could play a major role in shaping Wednesday’s takeover timeline.
A report from Sky Sports meanwhile states that the revamped assessment will be “significantly different” from the current one, with Monks promising a stricter, more proactive approach:
“A new era for football governance is here. The test applies to every club across the top five tiers, and we have the tools to act quickly to help foster sustainable investment in the game. We’ll be able to gather information, investigate, and demand action — including, in the most serious cases, removing an unsuitable owner.”
While the upcoming changes could help accelerate the outcome at Hillsborough, uncertainty still surrounds the identity of Wednesday’s next owner.
Begbies Traynor had initially targeted December 5th to grant exclusivity, but with multiple bids still under consideration, the deadline has been pushed into next week. Former Newcastle United owner Mike Ashley has already seen a £20m offer rejected, while billionaire Anders Holch Povlsen — worth approximately $13.3bn — is no longer in the running.
Some interested groups have reportedly discussed joining forces to secure a swift agreement, but supporters are growing increasingly desperate for clarity. With Henrik Pedersen’s side sitting 27 points from safety and only 28 games left, relegation to League One looks almost inevitable.
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