Sheffield Wednesday have announced that US consortium Arise Capital Partners has bought the club, officially bringing to an end Dejphon Chansiri’s ownership.

The group is led by David Storch, 73, an American executive whose background is in the aviation services sector.

The EFL confirmed the news on Saturday, and said it would not impose a 15-point deduction on the club following its exit from administration as this has been “an incredibly challenging and complex situation for all parties”.

As part of the agreement, Wednesday will remain under budget restrictions for the next two seasons as part of the “conditions of continuing membership in the EFL” but they will still be permitted to sign new players.

Storch’s son, Michael, and Tom Costin complete the three-man consortium.

Costin brings football experience to Wednesday through Blue Crow Sports Group – a multi-club football ownership and investment platform with controlling interests in Leganes from Spain, Le Havre in France and Mexican club Cancun FC.

Arise had set a deadline of 1 May, aware that there could further delays if the takeover was not completed before the Independent Football Regulator took control of the new owner process from the EFL on 5 May.

The final paperwork was completed on time on Friday before the club announced the takeover was done ahead of their sold-out, final-day game at Hillsborough against West Bromwich Albion on Saturday.

The Owls had been in administration since 24 October

That led to an immediate 12-point deduction, with a further six points taken off for charges related to missed payments to players, staff, HMRC and transfer fees due to other clubs.

As a result, Chansiri received a three-year ban from owning or being a director at any EFL club.

Yet the points penalties made no difference to the club’s fate, with most senior players sold either by Chansiri or as part of the administration process.

The club suffered the earliest-ever relegation in English football, as defeat at Sheffield United on 22 February consigned them to League One with 13 games to play.

Just three days later a takeover led by Dunfermline Athletic owner James Bord collapsed, leaving Wednesday in limbo.

But Storch, who missed out being named the preferred bidder to Bord in December, returned to the table to cut a deal with the administrators.

With Chansiri’s reign now over, and new owners in place to bring fresh hope, the club can look to a brighter future.