And Strafford is continuing to explore trans-Atlantic links as a further clue that the buy-out could be heavily funded by investment from the United States.

The Hillsborough chief, who has probed a potential partnership with a Major League Soccer outfit on trips to America, remains confident about bringing his plans to fruition.

"Everything is moving forward," he told the Telegraph after it was revealed here last week that Wednesday planned to stage an egm on or around the end of March. "It's always difficult as it gets to the later stages but we'll get there."

Negotiations are complex, as Strafford admits, but his reference to "later stages" is an encouraging sign. Questions remain about the shape of the club in terms of how it might be divided among investors from America, Britain and the Far East.

Local backing cannot be ruled out either amid rumours of a possible cash pledge from Jim Harrison, a multi-millionaire businessman and former chairman of the Owls Trust.

On the field, meanwhile, it would not be disrespectful for anyone to dismiss the play-offs from this season's landscape. They were never seriously on it and Strafford's assessment that Wednesday are among the lowest wage payers in the Championship shows he never expected a top six finish, either.

Importantly, however, there is hardening evidence that Wednesday have perhaps a dozen players around whom a promotion squad can be constructed.

It will be about building rather than dismantling in the summer and it's right that the process starts with new deals for current players, which is why Strafford has already calculated a higher budget. Even in defeat against Reading - a match that had to be won to keep the promotion dream remotely realistic - Wednesday looked a highly competitive outfit.

They have a back four and goalkeeper to be envied plus dangerous players upfield who would be in the Premiership if they could maintain the brilliant standards of the Burnley win on a regular basis. Where Wednesday still look a little short to me is in midfield and James O'Connor, despite his poor patch lately, is arguably the best holding player at the club.

But Sean McAllister has emerged as a pocket dynamo with a scoring touch in joining Richard Wood, Mark Beevers and Tommy Spurr among a formidable array of homegrown products.

Strafford has paid tribute to the work of academy chief Sean McAuley, having said to him: "Bloody hell, Sean. You've produced half the first team with nominal capital outlay and it represents over half of our intangible balance sheet value in players. How did you do that?"

McAuley, it seemed, had worked from a Howard Wilkinson blueprint. Strafford calls them "the master and the best pupil", adding intriguingly on American website centrelinesoccer.

com: "In between we've got a magician, Chris Waddle, hanging out in Sheffield as well."

In fact, there are no plans to involve Waddle in an official capacity at the moment but it would be no surprise if it didn't happen in the near future.

Wolves' visit tomorrow presents another towering challenge for Brian Laws' team. Steve Coppell made the point in midweek that there is little between any of the sides in this league, which reflects particular credit on those, like Wednesday, at the lower end of the pay league.

MORE OWLS: Gray to get new Owls deal

Buy the Sheffield Telegraph and the Property Guide every Friday. To subcribe CLICK HERE


MORE:
Local News
Local Sport
Arts Guide
Community News
Listings Guide
Restaurant Guide
Letters