Rebuilding Sheffield Wednesday
Ali Maxwell writes on new ownership, a stripped-back squad, financial restrictions and the challenge of rebuilding Sheffield Wednesday with fees, frees and loans.
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One of the simple goals of recruitment is to avoid needing a rebuild altogether. Ideally, what you want each summer is a tasteful refresh at most. A small extension. Something to help a team build on a solid, existing squad.
But not every club achieves that goal. There are many factors that can leave you in rebuild mode, most notably: instability at managerial or board level, poor squad building over a couple of years and, most of all, the despair and disruption often brought about by English football’s greatest monster: relegation.
Over the next two months, the NTT20.COM team will focus on a few clubs across the EFL for whom the summer transfer window feels particularly important, the sorts of rebuild projects that need full planning permission.
Transfer coverage generally focuses on positive, additive, best-case scenarios aspects of signings, but the true ‘success rate’ for EFL transfers is still akin to a coin flip, and so there is extra pressure on doing a rebuild well.
Sheffield Wednesday Football Club
For some of the clubs in focus, the word ‘rebuild’ may seem a little extreme. But for Sheffield Wednesday, there’s no overegging it. This is beyond a normal rebuild. Under new ownership, it’s a test of whether Wednesday can behave like a big club while spending like a restricted one, recruit like a modern club while carrying the pressure of promotion favourites, and turn an organisational reset into immediate results.
Easy peasy then?
State of Play
Wednesday’s Chansiri era is over. So is, for now, their Championship era.
The US consortium Arise Capital Partners, led by David Storch, has bought the club, appointing CEO David Bruce (ex-Sunderland) and former Stockport County DoF and CEO Simon Wilson to run football operations. All signs point to Henrik Pedersen staying on as Head Coach, and on a human level, you have to say he bloody well deserves it.
That’s a football leadership group that seems well-constructed and ready to rebuild Sheffield Wednesday. What they don’t have is a squad that is fit for purpose. Currently, it contains only nine players over the age of 21, and around half of those may well leave for various reasons (Max Lowe, Yan Valery, Svante Ingelsson, Iké Ugbo). Some of those likely to stay are either injury-prone (Di’Shon Bernard) or have had a tough time in a Wednesday shirt so far (Jamal Lowe, Olaf Kobacki, Charlie McNeill). Still, you’d think Liam Cooper (expected to stay) and Liam Palmer will offer crucial experience, leadership and know-how.
After that, there are around a dozen U21 players. One or two of them - Pierce Charles, Gabriel Otegbayo - have particularly high potential and will be attracting interest from higher up the pyramid. A few others - Sean Fusire, Jarvis Thornton, Ernie Weaver, George Brown - could supplement the first team squad next season. Others would ideally develop without the pressure that comes with playing for Wednesday in League One.
There is very little else to build upon. There are no areas of great strength.
Sheffield Wednesday are simultaneously:
One of the biggest clubs in League One.
Backed by new ownership.
Operating under somewhat murky spending restrictions.
Expected to challenge for promotion immediately (2nd favourites with bookmakers).
Needing to sign around 15-18 players, spanning every single position.
Trying to implement a long-term, sustainable model.
Budget - what can/can’t they spend?
The good news: Sheffield Wednesday have no points deduction. The trade-off: a strict business plan agreed with the EFL as part of the deal to do away with a points deduction.
There’s no concrete information on what the restrictions are, but generally, there would be a cap on new signings’ weekly wages, as well as total wages paid per year. There have been reports that transfer fees received can be reinvested in both transfer fees and, we assume, wages.
So while the sale of key players—a Pierce Charles or a Svante Ingelsson—would hurt the team on an individual level, it could raise the ceiling of what the club can do on a squad level. What the new owners can’t do is inject their own cash to help bolster the playing budget.
The Wednesday Word confirmed recently that:
“Wednesday, like the other relegated Championship clubs, are allowed to spend 65% of their turnover in their first season, but that will be reduced to 50% in season two. Unlike their counterparts, though, the Owls’ new owners will not be allowed to utilise owner equity top-up as part of their agreement to avoid the -15 deduction as they exited administration.”
What exactly the playing budget will be, we don’t know. The last time the Owls were in League One, they had a reported wage bill of £15.8m. This season, it feels likely to be much lower, though there is positivity in the fact that the club has sold over 21,000 season tickets and may well secure healthy commercial deals to boost the budget.
Even if the budget is lower this season than in previous League One campaigns, there is a glimmer of good news. Where have we seen decent, if not league-leading spending power mixed with efficiency, strategy and even creativity as a driver of success? That’s where Simon Wilson excelled at Stockport County, helping propel them from the National League to the upper echelons of League One in just a few years, and his appointment feels like a huge coup for Sheffield Wednesday.
Playing Style
With no players signed yet, we have no concrete evidence about the exact approach the club will take. But we can take some hints from what has been said publicly by those at the club, and reported by the excellent Sheffield local media.
From Head Coach Henrik Pedersen:
“We need a group of experienced players who have tried League One or higher than League One to make a strong, strong team. We need a mid-group of players from 21 to 24 with a lot of power who can go again and again and again. And we need a hungry young group under 21, part of the squad with a lot of hunger, with a lot of mentality. So we need a mix of all three groups and, of course, we need these experienced players too.”
“The strategy has to be to play with young players. We have to make a business model that is sustainable, and a part of this is to find young, top talent. We have to make them strong and effective in the first team. Then it will be a part of the business model also to sell players.”
“We also know that when teams come to Hillsborough, it will be a compact team we will play against, so we know we want to match them in set pieces. We need to be really good in our counter-pressing. For this we need physically strong players.”
From The Sheffield Star:
“The Dane, whose side have struggled from set pieces after the departures of ‘first contact winners’ such as Michael Smith, Michael Ihiekwe and Callum Paterson, explained they want six players of that profile in the squad. Physical capabilities will be a major consideration of the make-up of the squad, with many goals scored and conceded from transitions in possession.”
So, by the time the transfer window closes, the dream Wednesday squad will tick the following boxes:
High intensity, physical
Counter-pressing, quick transitions
Set pieces
4-2-2-2/Red Bull style tendencies
In terms of the in-possession approach, there is no silver bullet in League One. Last season showed that you can succeed playing a direct style (Lincoln City), a super-technical and possession-based style (Cardiff City), or a mixed style (Bolton, Stockport). What matters is not the approach itself, but whether or not you are good at it.
When it comes to out-of-possession trends, there’s more signal. In the League One tactical arena, what’s clear above all is that you are unlikely to be successful if you sit deep, are passive, and let teams onto you.
That means a recruitment strategy that may prioritise athletic defenders, powerful midfielders and mobile forwards over purely technical players. There is a potential issue here if free transfers and loans are going to dominate Wednesday’s signings because the free transfers available to Wednesday will, in the main, be older players and perhaps not peak-age athletic types.
Younger loanees can certainly have plenty of pace and other impressive physical attributes, but the requisite durability is hard to bank on. There’s another potential issue with loans and, to a lesser extent, with frees - often you have to wait until (late) August before you can get them in the building.
Premier League teams regularly involve their best U21 players in their own preseason squads to better gauge them - especially following a major tournament. For free transfers that are sought after, they may choose to wait it out for better suitors, safe in the knowledge they’ll have interest on account of being unattached.
Match those potential hurdles with David Bruce’s recent quote: ‘We have to be really aggressive and active in the transfer market as soon as the window opens.’
Here is a big question at this stage: will Wednesday actually be able to recruit to a style this summer? Or could their situation necessitate the signing of the best attainable players, with a style to be implemented to fit the squad that is assembled, rather than the other way round? Will they be able to be active in the transfer market as soon as the window opens, while also signing top targets?
This is a huge challenge.
Current Squad
Before you build, the first question must always be: What can we use from the existing squad?
Let’s hypothesise: if Wednesday get promoted in 2026-27, which current players could feasibly be important squad members?
Well, there’s another issue here. These four players are probably Sheffield Wednesday’s best remaining contracted players:
Yan Valery is expected to depart.
Svante Ingelsson has another year on his deal, but also has had Championship interest – reportedly from Millwall in January.
Max Lowe would likely be a key player for Wednesday, but is considering offers from the Championship.
Pierce Charles is one of the most exciting young goalkeepers in English football and is already Northern Ireland’s number one. He will also have plenty of suitors, and is likely Wednesday’s best chance of receiving a sizeable transfer fee this summer.
This, the Charles Hypothetical, is more important than ever, because it’s their only way of ‘boosting’ the budget beyond 65% of the club’s organic revenue. Is promotion more likely with Pierce Charles in goal, or with the extra budget his sale could unlock?
It would be a huge statement if Wednesday could retain the services of two or three of that group of four.
Elsewhere, Gabriel Otegbayo seems likely to be a key player in defence. Experienced leaders Liam Cooper and Liam Palmer have a key role to play, but can they be expected to start 40+ games in an intense playing style?
These are players that Simon Wilson has described previously as ‘twilight’ players:
“Experienced players based in or near South Yorkshire, who may have settled their lives here. Clearly, there are risks with these players because of age and injury history, but off the pitch they can add huge value culturally and provide inspiration for younger players in terms of what they can achieve.”
Then there is a small group of attacking players with plenty to prove: Olaf Kobacki, Charlie McNeill, Jamal Lowe, Ike Ugbo. Could they be part of a strong Wednesday team? Yes? Maybe? Can we be sure? Moving some of those players on would free up some budget for signings.
As for some other young players, Sean Fusire, Ernie Weaver, George Brown could all develop well and become first-team regulars — it would be a shame to see their development path blocked.
Transfers
Well done for sampling the amuse-bouche and starter. All of that context provides me with a starting point from which to cook up the main course: a squad of players signed for free, fees and on loan. The task I’ve set myself isn’t a prediction of exactly who Sheffield Wednesday will sign. Think of it more as a giant whiteboard with every position underlined and plenty of white space beneath to identify some targets.
Rebuilding (Fees)
Our understanding is that Wednesday will be able to pay fees for signings, but not in the manner of a Birmingham or a Wrexham. The priority for the EFL is for the club to demonstrate financial health and sensible judgement, not to allow them to outspend the competition in order to build their dream squad in the space of three months.
Given that we expect Henrik Pedersen to try and play a style in which intensity and physicality are important, we are going to assume that any signings that require a transfer fee will tick those boxes. Here are some suggested signings from each area of the pitch, with the caveat that it’s difficult to nail down exactly what sort of fee their clubs would be demanding and what other interest they may be attracting:
Full Backs:
If you aren’t the ones to secure [spoiler alert] Ilmari Niskanen on a free, then an enquiry for Huddersfield’s Lasse Sorensen would make sense, and the same for Bradford’s Josh Neufville — the most physically impressive full-backs/wing-backs in League One.
Cheaper options on the left side would be Jaheim Headley - recently relegated with Port Vale but someone that fits into my ‘Good Player, Bad Situation’ category. It would seem a big step up for Reece Hutchinson to move from Crewe to Sheffield Wednesday, but he had a fantastic season in League Two - showing durability and technical quality from left back.
Central Defenders:
Mamadou Jobe (Cambridge) should be scouted by any top League One club. With one year left on his contract and having had an impressive year in League Two, this could be the last chance to sign him before his stock rises far higher.
Terence Vancooten (Burton) could be someone that Wednesday looks at. Ade Oluwo of Salford is a centre-back who would likely step up well from a defensive point of view, but offers little on the ball.
Central Midfielders:
It appears that Barry Bannan (Millwall) could be on his way back to Hillsborough, which would be a lovely story and a quality addition. However, he’ll need Shea Charles-esque legs around him.
Brandon Khela (Peterborough) could be of interest as a young, do-it-all central midfielder. Charlie Webster (Burton) also scans for that role. Both are under 23 with big upside.
Wingers:
Can I interest you in a Lisbie?
Kyrell (Peterborough United) or Kyreece (Colchester United) are all the rage at the moment and would suit Pedersen’s suggested tactical approach. They run forward, they run fast. The Wednesday Word - with Joe Crann has reported that the club has an interest in Kyreece.
Strikers
Joe Crann has also mentioned a potential move for former Wednesdayite Callum Paterson (MK Dons). Elsewhere, a good starting point would be our last piece!
Tyrese Shade (Burton), Sam Nombe (Rotherham) or Jayden Wareham (Exeter City) — all would add plenty to Sheffield Wednesday’s front-line and shouldn’t be too expensive. Marcus Browne (Wimbledon) also came on well last season, playing as a striker.
Rebuilding (Frees)
Next there is a pool of free agents. Wednesday will be all over the best options here. The free transfers are where experienced League One performers can be acquired, and this is likely where a big chunk of the squad will need to be found.
A few weeks back, we published an article listing all the available free agents in the EFL. Let’s fish in that pond, position by position.
Goalkeepers
If Wednesday decide to keep Pierce Charles for the forthcoming season, they’ll need to sign a backup, with Logan Stretch fine as a third choice. If Charles is off, they’ll need two goalkeepers to come through the door. It just so happens that two former Wednesday players, Joe Wildsmith and Cameron Dawson, have both been released. It wouldn’t be a surprise to see one of those sign up for the rebuild — the uncertainty of adding a whole new team can be softened slightly by those you already know, and who know the club. Another option here would be Brad Collins, who has been a solid League One keeper.
Central Defenders
In terms of free agent centre backs, Jonathan Panzo may have struggled to impose himself on any EFL side he’s played for in the Championship - Birmingham, Coventry, Nottingham Forest - but he clearly has something. Left-footed and comfortable on the ball, a drop to League One could be just the tonic.
Other attainable options would be Dan Sweeney, helpful for set-piece prowess or Zak Jules. I could see Wednesday legend Tom Lees being added in a senior role to help oversee the dressing room.
Full Backs/Wing Backs
Full-backs are needed on both sides, and there’s a decent bunch of League One-level options available on a free. On the left, Cohen Bramall would be a good addition for the ability to get up and down the flank, and Callum Elder and Reece James would be solid, experienced, less athletic types that offer good delivery from deep. Nathanael Ogbeta is struggling to make good on his potential, but could be an Adaramola-esque choice, better going forward than defending.
On the right, Ilmari Niskanen has already been highlighted on NTT20.COM as a no-brainer option for the Owls and essentially any League One team.
It would be a fantastic move for Niskanen, and Wednesday would be getting a durable, energetic right-sider that creates chances as well as any other full-back at the level.
Elsewhere, former Millwall right-back Danny McNamara would likely do well playing in League One, while Tennai Watson could be a squad option, rather than a needle-mover.
Central Midfielders
Ryan Wintle is the shining light of the free agent market — a key player for Cardiff in their promotion, uber-comfortable on the ball in defensive and middle thirds and an obvious target for League One clubs targeting promotion.
My understanding is that he left Cardiff due to his wage expectations not matching up with the club’s - whether or not that puts him out of range for Wednesday is unclear. In terms of other deep and middle-third ball-players, Dan Barlaser and Archie Collins will both likely be targeting Championship moves, but would surely see some appeal in dictating play for Sheffield Wednesday.
Terry Taylor is a player we’ve always loved at NTT20. A horrible few years with injury knocked him back, but he appears to be over the injuries now and is, at worst, a serviceable midfielder at this level that could feasibly kick onto another level in the right situation. Dru Yearwood did a few bits with Rotherham United, but his availability and performance are inconsistent.
In box-to-box roles, important for Pedersen’s playing style, Clarke Oduor is a bit of a Swiss-Army knife and could be a helpful squad option due to his versatility. Callum Wright was Wigan’s player of the season in an 8/10 role, and Kyle Dempsey offers a similar skillset — guys with energy that can press high and offer goal threat from midfield without being tempo dictators. Odin Bailey too is available on a free and would surely be a smart signing.
A fruity one? Alex Gilbert is a super interesting option to me, someone who performed well on occasion for Kim Hellberg in a deep midfield role that wouldn’t be considered his natural position, but can also play as a 10 or out wide.
Wingers
This feels ripe for some young loanee talent, but there are a few speedy options released by Championship clubs - Przemysław Płacheta, Sammy Silvera - as well as Owen Dale, who was a big part of Plymouth Argyle’s strong form in League One at the end of last season. Marcus Forss is likely on the shortlist.
Strikers
How about Jamie Vardy?
Out of contract after his spell in Italy, a massive Sheffield Wednesday fan who’s never played for the club, currently enjoying the trappings of modern media with a documentary and a podcast — it almost feels too perfect for him to bring his hunger and goalscoring edge to his beloved Wednesday, and write another chapter in his remarkable story.
For other reasons, Jacob Brown feels an obvious signing after leaving Luton. He has excellent physical attributes that fit the bill for Pedersen and is looking to get his confidence back after a tough few seasons. Daryl Dike is an interesting option, especially if no Championship suitors come calling.
Rebuilding (Loans)
Clearly, in a world where a club needs to add fifteen players but are under transfer restrictions, loans are also going to be key. Ordinarily, we would not vouch for a loan-heavy approach. In this situation, it feels appropriate. In fact, it’s one of the club’s biggest edges in the transfer market this summer. Wednesday’s size, stadium and fanbase should make them attractive to Premier League U21s and Championship prospects.
One of the best aspects of last season was the performances of Harry Amass (Manchester United) and then Jaden Heskey (Manchester City). It can be a huge strength for Wednesday to have those two clubs, and others like it, viewing Wednesday as a good club for player development and Henrik Pedersen as a good babysitter. Would Heskey or Tayo Adaramola (Crystal Palace) return? I’m no expert on PL2 football or the availability of loanees from elite clubs, but a few names spring to mind.
Defenders:
Josh Feeney, who played 1,768 minutes at centre-back for Huddersfield last season, already has the kind of league experience Pedersen appears to prize. Kian Best, meanwhile, started nine Championship games at left-back for Preston before moving to Chelsea’s U21s last summer.
Midfielders:
Coventry’s 19-year-old midfielder Kai Andrews is highly rated, too, and after spending the first half of 2025/26 on the bench before a January loan to Hibs, he should be ready for regular football.
But given the Owls’ financial situation, using the loan market to add attacking spark feels not only likely, but sensible.
Strikers/Forwards:
Jamie Donley has endured two stop-start Championship loans, but a more dominant League One side might be exactly what he needs. Oxford reportedly had a deal in place that could have become permanent had they stayed up; could Wednesday explore a similar obligation-to-buy structure, triggered by promotion?
Ethan Wheatley is not the glamorous, headline-grabbing goalscorer, but he works hard, has League One experience, and brings the kind of energy Pedersen wants. And what of Louie Barry? After a difficult Championship loan across the city with the Blades, he finished the season strongly at Stockport. A move to Hillsborough would certainly add a bit of spice… and goals.
Okay, that’s a lot of names. Is it possible to fit them together into something approaching a realistic squad? I am trying to be sensible in terms of player interest, and whilst some players will be attracted to the project, others may well receive much better offers. For any club, acquiring all your No.1 targets is very unlikely.
Ali Maxwell’s draft SWFC squad
My thinking:
Max Lowe, Svante Ingelsson, Yan Valery and Pierce Charles leave to fund the rebuild.
Most current contracted players stay in the short term because we need bodies in the building for pre-season - this may bloat the squad temporarily, but we’ll have to ship a few players on deadline day.
The loan market is used, but a couple of spots are left for January additions.
Frees are the main order of the day.
Jamie Vardy completes the dream!
Conclusion
Let’s be honest: the names themselves are almost secondary. Some will be out of reach, some will take better offers, and some simply won’t be fancied by the manager. That is the nature of a rebuild this large, this urgent and this constrained.
What matters is whether Wednesday can turn a blank canvas into something coherent: a squad that suits the manager, enough players proven at the level, and deals that work within the finances. As this exercise has shown, it is no easy task.
By the end of the summer window, Wednesday may have built a team capable of going up this season. They may have laid the foundations for a more sustainable future. They may struggle to do either. In a rebuild of this size, all outcomes are on the table.
But for a club that has spent too long lurching from one crisis to the next, having an owner, CEO and Director of Football all pulling in the same direction feels significant. It makes me more confident than I have been for a long time that the Owls will make more good recruitment calls than bad ones. And after everything Wednesday fans have endured, that alone is something to be excited about.
This is a great piece, really interesting.