Sheffield Wednesday are facing a points deduction for next season if a deal with their new preferred bidder goes through.
Administrators have begun an exclusive period of negotiation with American private equity company Arise Capital Partners.
But any takeover could leave the Owls facing a 15-point deduction as Arise’s offer would not meet the EFL’s requirement to repay creditors 25p in the pound, which would mean starting life back in League One with a significant handicap.
Dejphon Chansiri, their main creditor, is understood to have loaned the club £60m in more than a decade as owner, and must be paid back £15m of that if the Owls are to avoid a points loss.
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