Sheffield Wednesday owner, Dejphon Chansiri, took a massive gamble chasing promotion to the Premier League the way he did, according to former Owl, Jon Newsome.
Between 2015 and 2017, Wednesday chased a return to the Premier League under the management of Carlos Carvalhal, who led the club to back-to-back play-off appearances in the Championship.
Ultimately, in both play-off campaigns Wednesday came up short and the club have been on the decline since then, rattling through five permanent managers and now finding themselves facing relegation into League One under Darren Moore after an off-season point deduction at the start of the campaign.
Under Carvalhal, Wednesday were competitive not just on the pitch, but also off it, strengthening their squad with a real high calibre of player.
That included club-record signing, Jordan Rhodes, who cost a reported £10m.
Newsome has been reflecting on that period of time, underlining the gamble that Chansiri took, which has ultimately backfired.
Speaking exclusively to Football League World, Newsome said: “Carlos Carvalhal was there, Dejphon Chansiri was there, throwing money at it left, right and centre.
“The idea was bringing in these bigger name players on bigger salaries and with better quality, they will get us promoted into the Premier League. It’s a big gamble. It’s a gamble that the club were willing to take.
“Wolves did it, but Wolves achieved it. They brought in the Portuguese lads, but they managed to get promoted.
“When it works, it is great because you get to the Promised Land, you get promotion to the Premier League and £160m drops into your bin. If you don’t achieve it and try to sustain that outgoing, you suddenly fall foul to Profit and Sustainability rules, which is what Sheffield Wednesday have done.”
Wednesday are hanging on by a thread in the Championship right now, sitting 23rd in the table and four points adrift of Derby County in 21st.
The Owls have to beat Nottingham Forest this weekend, and hope Swansea City beat Derby, to stand a realistic chance of clawing their way to safety in the final two games of the season.
Wednesday haven’t been in League One for a decade now, whilst their Premier League absence stretches over 20 years.