Mike Ashley failed to buy Sheffield Wednesday. The former Newcastle United owner made a £20 million bid in November 2025, but administrators rejected it because rival offers exceeded £30 million . He briefly re-entered the race in February 2026 after the preferred bidder collapsed, but ultimately lost to American businessman David Storch and his Arise Capital Partners consortium .
The First Bid and Immediate Rejection
Sheffield Wednesday entered administration in late October 2025 under former owner Dejphon Chansiri . The club was automatically deducted 12 points, effectively confirming relegation from the Championship . Administrators Begbies Traynor received interest from around 80 parties before narrowing the field .
Ashley submitted a formal offer of approximately £20 million in late November 2025 . Sky Sports reported that three other offers in the region of £30 million were already on the table, making his bid significantly lower than the competition . The administrators rejected it almost immediately .
The rejection fit a familiar pattern for Ashley. During his 14-year tenure at Newcastle United, which ended with a £300 million sale to Saudi Arabia’s Public Investment Fund in 2021, he was known for cautious financial management and limited squad investment . His Wednesday bid reflected the same pragmatism: he was unwilling to pay above what he considered market value for a club in administration.
A Second Chance That Also Fell Short
The takeover process took an unexpected turn in February 2026. James Bord, a former professional poker player, had been named preferred bidder on Christmas Eve 2025 with a proposed £47.8 million deal . However, Bord’s consortium withdrew on 25 February 2026, citing the “historic mishandling” of the club under Chansiri and stating that the scale of their original bid could no longer be justified .
Administrators moved immediately to re-engage previous bidders. The Press Association reported that Ashley was exploring a deal and that a representative would meet administrators on Thursday 26 February . Journalist Alan Biggs also stated that sources indicated Ashley “would still be interested, dependent on the outcome of the preferred bid” .
By March 2026, however, the administrators selected David Storch and Arise Capital Partners as the new preferred bidder . Storch’s consortium, which included his son Michael Storch and Tom Costin, had also been one of the three original bidders in December 2025 . They moved quickly, paying a “substantial deposit” and providing evidence of funds to cover the club’s losses for eight weeks .Quick Bio: Mike Ashley
Notes on omitted fields: Ashley’s height is not documented in reliable sources; search results referencing a “Mike Ashley” height belong to a different individual (a bodybuilder). No authoritative record of personal awards was found. His social media absence is itself documented by BBC and fan sources describing his preference for privacy and avoidance of direct supporter engagement .
The EFL’s 25p Rule: The Real Obstacle
The decisive factor in the entire takeover saga was the EFL’s insolvency policy, often called the 25p rule. To avoid a 15-point deduction for the following season, a new owner had to pay unsecured creditors at least 25 pence for every pound owed .
Chansiri was the club’s largest creditor, with claims of approximately £64 million in loans . Under the 25p rule, any buyer would need to pay him around £15 million to satisfy the requirement and avoid the deduction .
Neither Ashley nor Storch was initially willing to meet that demand. Sky Sports reported that none of the bidders at the time were prepared to pay Chansiri the required sum . The Storch consortium’s offer also fell below the threshold, meaning Sheffield Wednesday initially faced the prospect of starting the 2026/27 League One season with a 15-point deduction .
In a statement on 15 April 2026, Storch confirmed that the penalty was “set to be imposed” and that an arbitration request had been refused by the EFL . The situation appeared bleak for the club’s new owners.
How the Deduction Was Ultimately Avoided
The resolution came through legal negotiation rather than a higher cash offer. Storch turned to Nick De Marco, a leading sports lawyer who had previously helped Sheffield Wednesday reduce a 12-point financial fair play deduction to six points in 2020 .
De Marco structured a deferred payment arrangement with Chansiri. Instead of receiving cash immediately, Chansiri would receive payments tied to the club’s future success, potentially reaching the equivalent of 25p in the pound if Sheffield Wednesday achieved promotion back to the Championship and eventually the Premier League . The EFL required the offer to remain on the table for a short period to demonstrate credibility .
Chansiri accepted the offer, but according to The Sheffield Star, his response arrived minutes after the 12:00 BST deadline on a Tuesday . As a result, he may ultimately receive nothing. The EFL Board then exercised its discretion under the Insolvency Policy and confirmed that no 15-point deduction would be imposed .
What Ashley’s Failure Reveals
Ashley’s unsuccessful pursuit of Sheffield Wednesday was not a matter of insufficient funds. He had the capital and the proof of funds required . The failure came down to his unwillingness to pay what the market and the EFL’s regulatory framework demanded.
A Sheffield Wednesday fan pundit summarized the view of many supporters when discussing Ashley’s lingering interest: “Of course he’s going to be hanging about, looking to get it on the cheap” . Whether that characterization is fair or not, it captures the perception that followed Ashley from Newcastle.
The contrast with Storch is instructive. Storch publicly committed to “bring hope back to the fans” and described the supporters as central to the club’s future, stating: “I am very sincere when I say the fans will own the club, we will be the custodians” . Whether that promise proves meaningful will be judged over time, but it represented a different posture from Ashley’s transactional approach.
Sheffield Wednesday’s takeover concluded on 2 May 2026, when Arise Capital Partners completed the purchase and the EFL confirmed the club would start the next season on zero points . The club finished the 2025/26 Championship season bottom of the table with zero points after an 18-point deduction, having won just two matches all season . Ashley, meanwhile, remains out of English football ownership, his second attempt to buy a distressed club ending in the same result as his first.
Q1: Did Mike Ashley actually make a bid to buy Sheffield Wednesday?
Yes, Ashley made at least two attempts. His initial bid in late 2025 was around £20 million, which was rejected because rival offers exceeded £30 million . After preferred bidder James Bord withdrew in February 2026, Ashley re-entered the race but ultimately lost to David Storch’s Arise Capital Partners consortium .
Q2: Why did Mike Ashley’s takeover bid fail?
Ashley’s bid failed primarily because it did not satisfy the EFL’s 25p rule. To avoid a 15-point deduction, a new owner had to pay unsecured creditors at least 25 pence per pound owed. Former owner Dejphon Chansiri was owed over £60 million, meaning a buyer needed to pay him roughly £15 million . None of the bidders, including Ashley, were willing to meet that demand .
Q3: Who ultimately bought Sheffield Wednesday?
David Storch and his US consortium Arise Capital Partners, which also includes Michael Storch and Tom Costin, completed the takeover on 2 May 2026 . The EFL confirmed the club had met all requirements to exit administration, and crucially, no 15-point deduction was imposed for the following season .
Q4: How did the new owners avoid the 15-point deduction that seemed certain?
Storch’s team enlisted sports lawyer Nick De Marco to negotiate with the EFL. They structured a deferred payment offer to Chansiri tied to the club’s future success, potentially reaching the equivalent of 25p in the pound if Sheffield Wednesday achieved promotion . The EFL Board then exercised its discretion under the Insolvency Policy and concluded it would not be appropriate to impose the deduction .
Q5: What was Mike Ashley’s second bid reportedly worth?
Reports indicated Ashley’s second bid was significantly lower than his first. Journalist Alan Biggs reported it was for “£10m or little above”, roughly half of what he had offered in late 2025 . This low valuation raised questions among fans and commentators about how serious his second attempt actually was .
