Sheffield Wednesday enter administration and are docked 12 points as Dephjon Chansiri's ruinous ownership finally ends

Thai businessman Chansiri's controversial reign at the club finally ended on Friday as Sheffield Wednesday have been put into administration, the EFL confirmed with an official statement which read: "The opportunity to move matters towards a successful sale and secure future under new ownership." 

The Championship club then released their own statement: "The administrators were appointed following significant efforts to agree a sale to a credible future custodian in recent weeks which unfortunately could not be concluded and amid rising pressure from creditors." 

Julian Pitts, Kris Wigfield and Paul Stanley of Begbies Traynor have been appointed joint-administrators, who will temporarily look after the affairs of the club. 

Sheffield Wednesday captain Barry Bannan was devastated to find out the club's fate as he told reporters: "Sometimes you have to reach rock bottom to come back again. And if there was ever a club that could do it, it’s this club, because the fan base we’ve got is amazing."

As a mark of protest against Chansiri's ownership, a large section of the fanbase boycotted the club's matches as their average attendance fell from last season's 26,000 to just over 17,000. However, now that the businessman has finally left the team, joint-administrator Wigfield requested the fans to end their resistance and come back the stadium again. 

Wigfield said: "Supporters are the backbone of any football club. The money they spend at the gate and in the ground is vital. I’ve been a season ticket holder since 1984 and know first-hand the passion of this fanbase. Now, more than ever, we need fans back in the ground – buying tickets, merchandise, pies and pints. Every penny spent will go directly to supporting the day-to-day running of this club, not to the former owner or professional costs. This will help stabilise the club and support the loyal players and staff while we secure a suitable buyer."

Chansiri's management of the Yorkshire club was highlighted by repeated transfer embargoes, points deductions, and unpaid player and staff wages. Adding to the financial instability, he controversially sold Hillsborough stadium to a separate company which is also owned by him, all while facing claims that he underinvested in the ground's maintenance. High manager turnover and refusing multiple takeover bids by demanding an unrealistic £100 million ($133m) asking price further highlights the instability and lack of viable alternatives under his leadership.

Following the 12-point deduction by the EFL, Sheffield Wednesday dropped to the bottom of the table as they now have -6 points from 11 matches with just one win under their belt. The various transfer embargoes further mean that the club won't be able to make new signings to bolster the existing.

The EFL, however, have assured to solve the club's problems, as they will work together with administration to "end the ongoing uncertainty faced by Sheffield Wednesday staff, management, players, supporters and all those associated with the club and their local community."

The Owls next take on Oxford United in a Championship clash at home on Saturday as they look to bounce back after the latest setback.