Both the EFL and the administrator now running Sheffield Wednesday are hopeful the club can be sold quickly to new owners, with 'four or five' serious bidders already interested in taking over at Hillsborough.
Going into administration is usually a very difficult and upsetting move for everyone connected with a football club.
However, after years of financial problems under the previous owner, Dejphon Chansiri, there is optimism among supporters and officials that this situation could ultimately give Wednesday the new investment and the fresh start that the club desperately needs - despite the team sitting bottom of the Championship on -6 points having received a 12-point deduction.
The administrators are expected to hold initial discussions with a number of interested parties over the next few days, having revealed there are already "four or five" potential new owners.
The priority, alongside identifying a suitable new buyer, is to stabilise the club in its operations and ensure incoming revenue streams so that Sheffield Wednesday can continue to pay their incoming bills, including player and staff wages.
There is also a focus on selling as many tickets for upcoming home matches as possible. More than 27,000 fans were in Hillsborough for Saturday's defeat to Oxford United, the day after the club went into administration.
Sky Sports News understands that Wednesday could be hit with further sanctions by the EFL for breaches of their rules which have not yet been served.
These could lead to further points deductions (depending on the view of any future independent panel commissioned to hear the case) on top of the existing 12 points automatically removed when the club went into administration on Friday.
The hope is, we are told, that any future punishment would not deter potential buyers, because any further points deductions would be imposed this season, and not drag over into future seasons.
It's understood that the EFL is also prepared to bend its guidelines, which state a club should not be sold within 21 days of announcing its insolvency. Those guidelines are in place to ensure that no club sale is 'pre-arranged', with a deal lined up ready to be actioned as soon as a club does go into administration.
In the case of Sheffield Wednesday, it is thought all parties see the advantage of, and are keen to facilitate, a prompt transfer of control in south Yorkshire.
The company which owns the stadium at Hillsborough was also placed into administration by Chansiri, and is under the charge of the same administrator as the football club - Begbies Traynor. That is seen as another huge reason for optimism that Sheffield Wednesday will not remain in administration for long. EFL rules state no club can remain insolvent for more than 18 months.
When Derby County went into administration in 2022, Pride Park was not part of that package, because it was owned separately by Mel Morris. That meant any prospective buyers had to negotiate both with the administrator for the football club, and also with Morris for the stadium. No such problem exists for Wednesday.
Speaking to the BBC, the Sheffield Wednesday administrator Kris Wigfield said: "As always, you get a lot of interested parties that probably aren't going to meet the criteria, but within the numerous inquiries we've had, we certainly think that there are already four or five interested parties that look like the real deal.
"There are two criteria that new owners basically need to satisfy to then open dialogue and there to be an opportunity where they can make an offer. The first thing is they need to show the administrators that they could make the football club viable. So they've got to show that they've got sufficient funds to be able to fund it for the next few years. And secondly, we have to be satisfied that they will pass the EFL fit and proper persons test."
The new independent football regulator is not directly involved with this case involving Sheffield Wednesday. While the new government department has now officially been set up, it is not yet fully operational. However, the Regulator is in discussions with both the administrator and the EFL, with an observational brief.
What happens next?
The club were handed an immediate 12-point deduction for going into administration. Derby County were the last EFL club to enter administration in 2021.
Administration firm Begbies Traynor Group were appointed as administrators last week. The relevant parties are understood to have been in talks over the possibility of this event for a number of weeks.
Chansiri remains the biggest creditor at the club and will continue to be involved in the administration process.
Having failed to pay their first-team players on time in five of the last seven months, further punishment is set to be determined by an independent commission, which could lead to a separate and further points deduction.
'Administration was one of the most bittersweet days in Wednesday history'
Statement from Sheffield Wednesday Supporter's Trust after they went into administration last week:
"Today marks one of the most bittersweet days in our club's proud 158-year history.
"Entering administration was the inevitable outcome of years of financial mismanagement, a lack of accountability, and repeated failures to engage credible buyers. Administration is not something to be celebrated. It needn't have ended this way. But we are overjoyed to have Dejphon Chansiri out of our club for good.
"Administration represents a necessary turning point. With the club now totally out of Chansiri's hands, this may be the first step to getting our Wednesday back. It closes an era defined by poor decisions and deep divisions, both on and off the pitch. Once Hillsborough is recovered from his ownership, Chansiri's influence will finally be consigned to history, a regrettable chapter in Sheffield Wednesday's long and storied history.
"We understand that this news will bring uncertainty and anxiety about what lies ahead. Yet there is every reason for calm optimism.
"The appointed administrators are highly experienced professionals, including one who has been a Sheffield Wednesday season ticket holder for decades. The Trust has already opened dialogue with them and will play a full part in safeguarding the long-term survival and sustainable future of our club.
"Now, more than ever, Wednesdayites must stand together, patient, proud, and focused on rebuilding a football club that truly represents Sheffield: honest, sustainable, and ambitious. We have shown over the last few months the power of being organised and standing together as a set of supporters. We have shown that a football club is worth nothing without its fans. This has also shown the passion we can offer to new owners, if they can harness our support in the right way.
"The Trust expects strong interest from prospective buyers. However, should a suitable sale not materialise, supporters can be assured that, for the last few months, we have been working to develop a credible, fan-led takeover proposal. This ensures that even in the worst-case scenario, the threat of liquidation will not be an option.
"The Trust will continue to keep supporters fully informed and outline the practical steps every fan can take to help secure a brighter future for our club. Together, we will rebuild, stronger, fairer, and forever proud to be Wednesday."
Wednesday's nightmare three months
June 3: The club and owner Dejphon Chansiri charged with breaching EFL regulations regarding payment obligations.
June 18: EFL imposes three-window fee restriction after exceeding 30 days of late payments between July 1 2024 and June 30 2025.
June 26: In a statement on the club's official website, Chansiri said he was willing to sell the club.
June 27: Another embargo imposed on the club, relating to payments owed to HMRC.
June 30: Players and staff not paid on time.
July 17: Josh Windass and Michael Smith leave the club by mutual consent.
July 29: Danny Röhl leaves role as manager by mutual consent. The club were forced to close the 9,255-capacity North Stand at Hillsborough after Sheffield City Council issued a Prohibition Notice following a meeting with the local Safety Advisory Group.
July 30: Players and staff not paid on time.
July 31: Röhl's assistant Henrik Pedersen signs a three-year deal to become the club's new manager.
August 6: The EFL releases a statement explaining their stance on the situation. "We are clear that the current owner needs either to fund the club to meet its obligations or make good on his commitment to sell to a well-funded party, for fair market value - ending the current uncertainty and impasse."
August 8: Transfer embargoes lifted after outstanding payments settled, but fee restriction remains in place.
August 10: The Owls lose 2-1 to Leicester in their Championship opener at the King Power Stadium.
August 13: Prohibition Notice on North Stand lifted after "necessary professional safety assurances."
September 4: Wednesday fans launch protest against Chansiri outside Thai embassy in London.
September 30: Players and staff not paid on time.
October 4: Wednesday lose 5-0 at home to Coventry. Kick-off delayed after group of fans run onto the Hillsborough pitch in protest against Chansiri.
October 14: Players and staff receive outstanding wages from September.
October 16: News emerges of imminent winding-up petition over £1m owed to HMRC.
October 22: Wednesday fans boycott home game against Middlesbrough. No official attendance figure released.
October 24: Wednesday file for administration and receive 12-point deduction from the EFL.