What has happened, why has it happened and what happens now – and could a regulator have prevented this?

Manager Henrik Pedersen calls for a "new Sheffield Wednesday with an old heart" as a fan group contemplates a potential takeover.

What has happened, why has it happened and what happens now – and could a regulator have prevented this?

Sheffield Wednesday's joint administrator says they have received "four or five" serious bids and the club could have new owners by the end of the year.