Revealed: Football regulator’s demands to Sheffield Wednesday bidder, the real reasons why 109-day saga is STILL dragging on and the staggering amount club is losing every month while plummeting towards relegation

The independent football regulator is seeking ‘further clarity’ from the preferred bidder for Sheffield Wednesday – as the sale of the beleaguered club drags on.

Fans of the South Yorkshire giants were celebrating in late October when hugely unpopular former owner Dejphon Chansiri signalled the end of his tenure by placing the club into administration. But 109 days have passed since then.

On Christmas Eve, administrators Begbies Traynor announced that a consortium including a former poker player, a member of the Jordanian royal family and a German entrepreneur had secured preferred bidder status – seeing off a number of rival offers including one from Sports Direct tycoon and former Newcastle owner Mike Ashley.

However, the club remain in administration and the takeover is yet to receive EFL approval while, on the field, things go from bad to worse with relegation a formality that could be confirmed as early as next weekend – and potentially even in the Steel City derby at Bramall Lane on February 22.

The group consists of London-born Las Vegas-based James Bord, who co-owns Dunfermline Athletic and who won £3.2m on the professional poker circuit, German crypto casino owner Felix Römer and Alsharif Faisal Bin Jamil.

While the EFL declined to comment, a key element of their owners and directors test revolves around the source of funding, and checks can take longer on parties who are based overseas.

But 109 days have passed with the club in administration and there is still no end in sight

The league is working swiftly to come to a conclusion, according to insiders. Daily Mail Sport understands officials only received a second tranche of documents at the end of January and is currently working through those.

The independent football regulator (IFR) came into force in November and currently only has the power to regulate incumbent owners, but from May will be able to rule on potential new arrivals. As such, it has been working closely with the EFL on the Wednesday situation.

According to those with knowledge of the matter, given the IFR’s incoming powers they have been working closely with all parties to ensure that, should the EFL give the green light, the regulator would not then overrule them in May. The stakes are believed to be high, given the takeover – of a 159-year-old English football institution – will be the first major deal following the introduction of the regulator.

A spokesperson for the IFR told Daily Mail Sport: ‘We are engaging with representatives of the preferred bidder and the administrators, seeking further clarity in relation to their intention to purchase Sheffield Wednesday Football Club.

‘The preferred bidders would need to satisfy the EFL test which is currently live. However, if the transaction does not complete by May the bidders will need to satisfy the IFR’s test. The last thing Sheffield Wednesday fans want is a long, drawn-out process which further destabilises the club.

‘We don’t want to be having to engage with the bidders for the first time when our powers to assess new owners and directors come online later this year.’

Bord’s group are thought to have offered £32million for the club, substantially more than any rival bid. The job of the administrator is to ensure that creditors get the highest return. Chansiri himself is in line to receive £15m if the sale goes through.

Bord is also understood to have handed over a £2.5m non-refundable deposit and is now funding operations at Hillsborough. Despite the decimation of the club’s squad, losses are still believed to total around £1m a month.

As the fans wait, performances on the field for continue to suffer – the club’s last victory came on September 20

As the fans wait, performances on the field for Henrik Pedersen and side continue to suffer.

Wednesday, deducted 18 points in total, have lost nine straight in the Championship and have failed to score in any of those matches – setting an unwanted record. Their last victory came on September 20.

A spokesperson for the preferred bidder said: ‘The consortium continues to focus on working professionally, constructively and transparently with the EFL and IFR to provide them with the details they need to satisfy their tests.’