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Wednesday has been deducted a total of 18 points this season; 12 for entering administration and six others for violations of financial regulation.
On Friday, the English Premier League officially confirmed that no further sporting sanctions will be applied this season.
The Owls won just one game in the tournament, losing 13 of 20 games. They are at the bottom, 29 points away from safety, and relegation to League One appears to be a formality.
Banan, 36, insisted that players must find a way to dig deep to improve their level.
“There’s a lot you can blame on management and deduct points,” he said.
“Now we need to start winning games. We are not happy with our performance. We need to be much better.
“There is no time for excuses now. We are looking forward.”
The club were left with a threadbare squad in the summer after Josh Windass and Michael Smith opted out of their contracts. Star players such as Geddy Gassama and Anthony Musaba were sold.
Wednesday will play four games in 10 days over Christmas and resources have been stretched even further.
Yann Valéry and Sean Viosier left for the Africa Cup of Nations as injuries began to mount.
Head coach Henrik Pedersen said this week that he only had eight “senior players with tournament experience” and had to make use of the Under-21 and Under-18 squads.
“It is difficult,” Banan said. “That’s why you see some high-level performances and we’re really strong in the games, and then maybe we’re a little bit down in the other games.
“This is due to the size of the team and the inability to make a lot of substitutions.
“We’re asking the same players to play minutes after minutes. It’s happened.
“But there is no time for excuses. We know what we signed up for. We just have to keep going and hope there is good news in the near future.”
Wednesday were granted special dispensation to sign Liam Cooper and Nathan Redmond as free agents last month to bolster their numbers.
Bannan said “it would be great” if the takeover was completed in time for next month’s transfer window.
“We can get to January and hopefully we can get a little more help with the players and start running,” he added.
“If we want to do anything this season, we have to start winning games, and we haven’t done that recently.”
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