The economics of English football means that owning Sheffield Wednesday only makes financial sense if the club can reach the Premier League. In the top flight, the club’s valuation would at least be £250m.

Our modelling of the club’s potential spend, opportunity for ‘efficient’ spend, and the role of luck in football produces a scenario where the club has a 50% chance of Premier League football before 2034. To achieve this, the club would need to build up its ‘Organisational Intelligence’ to turn them into one of the top 5 best-run clubs in the EFL.

To realise this plan, our analysis indicates that any incoming owner must be prepared to underwrite £100m of losses – just for a 50/50 shot at the promised land and that £250m valuation. Few owners truly understand this equation and these risks. Wednesday fans will hope that their eventual buyer is one of them.