After being relegated to the third tier of English football only weeks prior, Sheffield Wednesday have been saved from administration by Arise Capital Partners LLC.

In a statement shared online, the club stated: ‘The transaction has been completed following constructive engagement with key stakeholders, including the English Football League (EFL), and in accordance with all relevant regulatory requirements’.

The consortium was led by David Storch, a 73-year-old American businessman with history in the aviation sector. He joined the New York listed aviation company, AAR Corp in the 1980s, after joining Arise Capital in 1979.