Sheffield Wednesday's crisis has deepened three days after relegation to League One, with the consortium led by ex-professional poker player James Bord pulling out of its takeover bid. Bord and his business partners, Felix Romer and Alsharif Faisal Bin Jamil, had been named preferred bidder two months ago by administrators who took control of the club from Dejphon Chansiri. The club, one of the oldest professional clubs in England, were relegated from the Championship on Sunday after a 2-1 defeat by rivals Sheffield United. Their drop into the third tier was expected having been deducted a total of 18 points for failing to pay players and entering administration. Despite the euphoria of Chansiri's departure in October, the process of finding new owners has been frustrating and Bord's withdrawal from the process is a further blow. Bord, who is London-born, has been involved in football previously and co-owns Dunfermline Athletic in the second tier of Scottish football. The consortium had put in £4m to keep the club running while the process of the takeover was ongoing with the EFL. But they have cited these costs – which would not be fully refunded – as one of the reasons they have scrapped their takeover plans. Crucially, they believe the club is now worth less than the £30m they offered. In an open letter, the three businessmen expressed their regret at not being able to become the new custodians of the club. They stated that they had fondly watched Sheffield Wednesday from afar for many years and felt that the club deserved better owners. The collapse of the takeover bid has left the club in uncertainty, with Mike Ashley, the former Newcastle United owner, currently not looking to launch a takeover bid, despite previous interest. Sheffield Wednesday's fans will be disappointed by this latest development, and the club's future remains uncertain. The club will now have to look for new owners, and the process is expected to be challenging. The EFL will be monitoring the situation closely, and the club will have to ensure that they comply with all the necessary regulations. The future of Sheffield Wednesday is uncertain, but one thing is clear - the club needs new owners to move forward. The search for new owners will begin immediately, and the club will hope to find a suitable buyer soon. The fans will be waiting anxiously to see what the future holds for their beloved club.