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.

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.