Sheffield Wednesday manager Henrik Pedersen wants "a new Wednesday with an old heart" as fan groups discuss the potential of a supporter-led ownership of the stricken Championship club. The Yorkshire club was placed into administration on Friday and handed an automatic 12-point deduction by the EFL, leaving them bottom of the second tier on minus six points.

It does, though, effectively end the reign of deeply unpopular owner Dejphon Chansiri, with administrators Begbies Traynor now tasked with finding new owners for the club. BBC Sheffield report there are interested buyers and administrators are already in active discussions with interested investors.

If nothing is forthcoming, the Sheffield Wednesday Supporters Trust (SWST) says it has been working for the past few months to see what action it can take. "We have been working to develop a credible, fan-led takeover proposal," it said in a statement., external "This ensures that even in the worst-case scenario, the threat of liquidation will not be an option."

The administration announcement was the culmination in a dark period in Wednesday's long and storied history. The past few months have been dominated by delayed wage payments, player departures, fan protests and finally a boycott of attending matches as Owls supporters despaired at the manner in which their beloved club was being run. Earlier this month it was revealed that His Majesty's Revenue & Customs was seeking a winding-up petition, with the club owing £1m.

But there is relief that Chansiri will now depart and Wednesday can move forward in a different direction. "Today marks one of the most bittersweet days in our club's proud 158-year history," added the SWST. "Entering administration was the inevitable outcome of years of financial mismanagement, a lack of accountability, and repeated failures to engage credible buyers.

"Administration is not something to be celebrated. It needn't have ended this way. But we are overjoyed to have Dejphon Chansiri out of our club for good."

On the pitch, Wednesday now find themselves 15 points from safety after 11 games with fellow strugglers Oxford United at Hillsborough on Saturday (15:00 BST). After their squad was decimated in the summer and the club placed under a transfer embargo to bring in new players, they have won only one league match but Pedersen, appointed following the departure of Danny Rohl, has produced a competitive team.

But for the Dane there is initial optimism about the return of more fans to Hillsborough for Saturday following the boycott of Wednesday's match against Middlesbrough. "It was awful the other evening," Pedersen told BBC Radio Sheffield. "But opposite, it can be fantastic tomorrow, to be together again and to have this experience.

"I'm really, really looking forward to this day that we are one club again." In his time at Hillsborough, first as assistant to Rohl and now in full charge, Pedersen has gained a deep respect for the club and its supporters and he would like that to be at the forefront for any prospective new owners.

"Money is one thing but the strategy is important with understanding and respect for Sheffield Wednesday," he added. "We have to be Sheffield Wednesday. We have to be a new Sheffield Wednesday with an old heart. We have to keep this understanding because we have a fantastic club, but this fantastic club deserves to grow."

While the immediate prospects are not good with the Owls facing an uphill task to avoid relegation to League One, fans are more optimistic for the longer term again. "We needed somebody to listen, somebody to act, and somebody to give us that hope back that I can pass to my kids," Wednesday fan Gaz Robinson told BBC Sport. "We're back. My kids can start going to games again. I should be upset, but weirdly, I'm really, really happy."

Midfielder Barry Bannan has been a stalwart in the Wednesday side since his arrival back in 2015 and signed a new deal in August despite the departures of many of his team-mates, following multiple delayed payments of player and staff wages.

"We've known for a while that this could be the route that it was going to go down. Obviously it's a sad day for the club first and foremost, you don't really want to be going into administration," the 35-year-old told BBC Radio Sheffield. "As a group of players, it's made our task a lot harder this season as well so it was hard news to take but this needed to happen, we couldn't keep going on the way it was going on.

"The task becomes bigger but I think for the club going forward, it's probably the right thing that's happened." Bannan has made 460 appearances for the club in his decade-long spell and he understands the fans' frustrations, but emphasised the importance of the atmosphere at Hillsborough.

"We totally got what they were doing, we were never against it as players and staff, we just wanted to play games," he added. "I said that when the fans came on to the pitch the other week, that was the only bit of joy we're getting as a group of players and staff was playing three o'clock on a Saturday.

"We got what they were doing but now we need them more than ever, we've needed them all season at home and unfortunately we've not really had that atmosphere.

"But now the fans have got what they wanted, this is where we really need them to come and get behind us and be that extra man." Bannan's message was echoed in a statement by the players issued on official club channels.

"After what has been a period of division and a feeling of 'disconnect' between the club, the players and the fans, we now hope this is the time we can all come back together under the badge and enjoy our football again," the statement read., external "So we ask you, starting tomorrow against Oxford, please come back to Hillsborough and cheer the team on. Let's make the ground a place for teams to fear as we do everything we can to get the points we are going to so desperately need.

"Think back to the comeback against Peterborough, wins against Arsenal and Newcastle. That was you in the stands as much as us on the pitch!

"We won't give up, and we ask you not to give up on us. Together we are stronger. Together we can fight."

Rob Staton, BBC Radio Sheffield reporter As soon as administration was confirmed, we were allowed into Hillsborough Stadium and walked out into the stands. Already, the name 'Chansiri' - emblazoned across the seats of the North Stand during his time as owner - was being replaced. It was so symbolic.

Fans roared their approval online when they saw the photos and videos we published. This was it - the new era the fans so desperately wanted. There's an air of relief around the club. Although administration is far from ideal and will carry several unknowns, there's a feeling that things couldn't continue as they were.

Something needed to change and now it will. The club will eventually have new owners and we're already hearing that people have been reaching out to the administrators voicing their interest. In the immediate future though it's about fans returning. That's what the administrators are now calling for.

From boycotts on Wednesday night at Hillsborough to needing to fill the ground. Every penny is vital now to keep the club running. The atmosphere for the Oxford United game this weekend could be electric. It could be emotional. Fans returning who had to force themselves to stay away.

People who gave up their favourite thing, for the good of the club. The fans helped force change and will be able to dream of a better future now, even if there are short-term challenges.