Sheffield Wednesday has completed a takeover by a consortium led by U.S. businessman David Storch, marking a new era for the club. The new owners were confirmed ahead of Wednesday hosting West Bromwich Albion on the final day of the Championship season at a sold-out Hillsborough. The hosts won the game 2-1, just their second league victory of the season, to take them back to zero points after two separate deductions totalling 18 points. According to the English Football League's insolvency rules, clubs that fail to exit administration without paying all creditors at least 25 per cent of what they are owed, usually receive a 15-point penalty. However, the EFL's board has the power to waive this sanction, and the Storch consortium made it clear that it would not proceed with the takeover unless the board agreed to exercise this discretion. So, the deduction has been suspended, subject to compliance with an agreed business plan, which includes a commitment to spend £10million on the stadium. David Storch will be joined by son Michael and Boston-based investor Tom Costin in a deal led through investment firm Arise Capital Partners. The final details of the deal were confirmed with administrators and the EFL on Friday evening, allowing Storch to be presented to fans on the pitch at the end of a season in which Wednesday were relegated to League One in a record-early February. An EFL statement on the takeover said the club will be permitted to sign new players in accordance with the terms of a business plan. A statement from Storch, on behalf of Arise Capital Partners, said the club deserves stability, ambition, and a clear direction, which is what they are here to deliver. The announcement ends a protracted saga that began with former owner Dejphon Chansiri placing Wednesday in administration on October 24. Begbies Traynor, the insolvency firm, oversaw the search for new owners and initially named former professional poker player James Bord as the preferred bidder ahead of Storch on Christmas Eve. Bord's consortium had agreed a £47.8million takeover but by late February they had announced their withdrawal from the process after spending £4m on the day-to-day running of the club. That restarted the sale process and invited Storch back to the table to eventually become preferred bidder with a £20m agreement on March 11. The new ownership brings a sense of relief and optimism to the fans, who can now look forward to a new season in League One. The club's future looks brighter, with the new owners committed to investing in the stadium and the team. The fans will be eager to see the impact of the new ownership on the pitch, and the club's performance in the upcoming season will be closely watched. The takeover is a significant development for Sheffield Wednesday, and it will be interesting to see how the club progresses under the new ownership. The club's history and tradition are important to the fans, and the new owners will be expected to respect and build on that legacy. The future of Sheffield Wednesday is now in the hands of David Storch and his consortium, and the fans will be hoping for a successful and exciting new era for the club.