US consortium completes purchase of beleaguered Sheffield Wednesday and says the club is 'reborn'

SHEFFIELD, England — An American consortium has completed the purchase of Sheffield Wednesday, ending the historic English club's long takeover saga and the controversial tenure of former owner Dejphon Chansiri.

Arise Capital Partners, fronted by U.S. businessman David Storch, takes over a club — founded in 1867 — that will be playing in the third tier next season after years of financial turmoil.

The acquisition was announced Saturday, on the field at Wednesday's Hillsborough stadium ahead of the already-relegated team's last match of the second-tier Championship season at home to West Bromwich Albion. Wednesday won the game 2-1 and ended the campaign on 0 points, having been deducted a total of 18 points during the season for financial mismanagement.

“Sheffield Wednesday deserves stability, ambition and a clear direction. That is what we are here to deliver," Storch said in a statement.

Storch was introduced to a rapturous welcome from fans to officially bring a painful chapter of Wednesday's long history to a conclusion. The problems under Chansiri, a Thai businessman, have prompted protests from fans and sanctions from the league, and looked set to roll into next season.

With the takeover completed, a 15-point deduction to start next season will no longer be issued by the English Football League.

“Today, this club is reborn," Storch said in the statement, "and we look forward with determination to the work that lies ahead.”

Wednesday, a four-time English champion, was an original member of the Premier League.