Sheffield Wednesday: An alliance led by James Board withdraws from the takeover

The Owls have been in administration since October after 10 years of ownership by Dejphon Chansiri.

The team was relegated from the tournament on Sunday after a 2-1 defeat to city rival Sheffield United. This was the first ever relegation in English football.

Administrators Begbie Traynor selected Bord Group after paying a non-refundable deposit of £2.5m.

He has financed the club’s losses since then to the tune of around £1m a month.

The trio have undergone an owners and directors test with the Premier League and the new independent football body since then.

Another payment was due this week to extend preferred bidder status for another two weeks.

But the group pulled out because the club’s valuation is now considered to be lower than the £30m originally offered, and the consortium cannot negotiate a reduction in value, according to the terms of their agreement.

It leaves officials needing to find another buyer.

On Tuesday, another consortium led by US businessman David Storch said it was still interested.

“We remain incredibly excited about the opportunity at Sheffield Wednesday and to see the club return to its former glory,” the statement read.

“We wish the preferred bidder well during the process but are willing to step in if the opportunity arises again.

“We know that everyone is disappointed by the relegation, but we wish the team well as they finish the current season.”