Arise Capital Partners have issued a fresh statement on their proposed acquisition of Sheffield Wednesday, saying they still intend to complete the transaction by 1 May despite what they describe as a hugely difficult situation around the club.
In a statement released by managing partner David P. Storch, Arise said they had spent recent months working to secure Wednesday’s future and had made detailed representations to the EFL ahead of Easter in response to proposed sanctions.
According to the statement, those submissions were backed by the SWFC Supporters Trust, Clive Betts, Lord David Blunkett and a wider group of MPs.
Arise claim they have now been informed that a 15-point penalty is due to be imposed at the start of next season. Storch said the group strongly disagree with that decision and also revealed that a request for the issue to be reviewed through independent arbitration had been denied.
The statement said Arise had even offered to cover the legal costs of that process in the interests of transparency and fairness.
Storch also outlined what Arise say are major obstacles standing in the way of the deal.
A significant portion of Sheffield Wednesday’s debt, according to the statement, remains with former owner Dejphon Chansiri, with Arise claiming repeated attempts to engage with him through the administrators have gone unanswered.
Arise also said their due diligence had uncovered serious infrastructure concerns at Hillsborough, including inadequate water supply affecting basic sanitation and insufficient electrical capacity to support essential upgrades.
The group say the scale of the required work is both urgent and expensive, and argue they are being asked to address long-standing issues within a very short timeframe.
Combined with what Storch described as a severely depleted squad and the backdrop of a poor season on the pitch, Arise said the club is facing an exceptional set of challenges.
Even so, the statement made clear that the group still want to push on and complete the takeover.
“Sheffield Wednesday is worth saving,” Storch said, adding that Arise remain prepared to invest the time, capital and energy needed to rebuild the club properly, from infrastructure through to its football foundations.
Arise also confirmed they had responded in full to the EFL and said they are ready to immediately address the infrastructure problems, provided there is what they see as a fairer and more proportionate approach to the proposed 15-point penalty.
The statement ended with a call for supporters and the wider football community to make their voices heard in a constructive way using the hashtag #FairDealForWednesday.
For Sheffield Wednesday supporters, it is the latest significant development in a situation that remains uncertain, with the proposed takeover, the club’s regulatory position and the wider state of Hillsborough all still hanging in the balance.