Sheffield Wednesday journalist Dom Howson has provided an update on the club's current financial embargo situation, revealing that unpaid wages are not the reason behind these transfer restrictions in an Examiner Live report.

According to Sky Sports earlier this month, Owls players have not been paid their wages by owner Dejphon Chansiri in over three months and many were considering walking out of the club. Julian Borner is one of those players and he has started arbitration proceedings against the club after agreeing a contract with Hannover 96 - and unrest at Hillsborough is likely to continue until this issue is resolved.

Now in League One, Wednesday will be desperate to rebuild their squad under Darren Moore as they look to start a brighter chapter in South Yorkshire and Chansiri's decision to reduce season ticket prices could just be the start.

However, the transfer embargo they are under, after being deducted six points last season for breaking financial rules, could prove to be a major barrier to their progress as they prepare for life in a new division.

On the current situation with these financial restrictions, journalist Dom Howson provided an update to fans and said: "Wednesday are still under an embargo because of the late filing of their 2019/20 accounts. It is not to do with the unpaid player wages.

"The embargo has held up their transfer plans. They have missed out on a few players but Moore and the recruitment team are getting on with the task in hand.

"It is far from ideal but there is nothing they can do about the embargo.

"All they can do is keep putting in the calls and concentrate on the here and now."

It is currently unclear when this embargo will be lifted if Sheffield Wednesday fail to submit their accounts by the June 30th deadline - and they are likely to face an extended ban for the foreseeable future if they miss this cut-off point with Championship side Blackburn Rovers currently in a similar situation.

The Verdict:

With the club in a precarious position after their relegation from the second tier, the club desperately needs to get their act together, more specifically Chansiri.

This delay in submitting their accounts for the 2019/20 season is costly the club dearly in the transfer market and it's likely they have already missed out on a few of their top targets, with free transfers being secured left, right and centre.

Journalist Howson believes this delay is down to the stadium sale and the complexities surrounding it, but this should have been sorted out last season and it just goes to show how much the club were in disarray during the 2020/21 campaign, with the points deduction and managerial changes.

Stability is desperately needed right now and if the club are to set themselves on a smoother course, these accounts need to be submitted sharpish.