Just a few short months ago, Sheffield Wednesday looked like being the first club to come under the microscope of the new Independent Football Regulator. But now it is neighbours Sheffield United who are attracting the attention of the regulator. The IFR had Wednesday in its sights when Dejphon Chansiri stopped funding the club, until administration ended his reign before the new regulator's powers kicked in.
The Owls now have new owners, albeit with relegation to League One. But for their arch rivals across the city at Bramall Lane, the IFR says it will assess the "honesty, integrity and financial soundness" of current owners and co-chairmen, Steven Rosen and Helmy Eltoukhy. That has been triggered by events at the High Court last week.
COH Sports Bidco Limited (CSBL) - the company Rosen and Eltoukhy used to buy the Blades two years ago - was wound up with an outstanding debt of £35m to the former owners, United World. Two months ago, ownership of the club was transferred from CSBL to a new parent company, 1919 Partners LLC. It meant CSBL, and the £35m debt, no longer had a direct link to Sheffield United.
This has left many questions and, so far, no real answers. It is possible that the English Football League (EFL) may impose a points penalty, while the IFR - for the first time - could take action against Rosen and Eltoukhy. The Championship club have attempted to distance themselves from the saga.
It is "a matter between the current owners and former owner", according to a statement issued by the Blades after CBSL was wound up. The club did not respond to requests for comment. In 2009, Southampton's parent company, Southampton Leisure Holdings, went into administration.
The south-coast club tried to argue it was a separate entity. An EFL investigation disagreed, with Saints docked the mandatory 10 points. Sheffield United's situation is not quite the same, but the parallels are there.
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