How Carlos Carvalhal took Sheffield Wednesday to the brink - and what it cost them | OneFootball

Carlos Carvalhal nearly led Sheffield Wednesday to the Premier League twice. Here’s how close they came, and what it cost the club.

On the 30th of June 2015, Sheffield Wednesday appointed Carlos Carvalhal as head coach, a left-field decision that barely made waves outside of Hillsborough.

The Portuguese manager's CV wasn't exactly glittering, and his unveiling raised eyebrows across the Championship. But what followed was one of the most dramatic, emotional, and ultimately heartbreaking periods in the club's modern history.

Carvalhal didn't just bring flair and excitement to Hillsborough, he took Wednesday to the brink of the Premier League. Twice.

And those near-misses cost the club more than just promotion. They cost Wednesday a financial windfall that could have changed everything.

The big picture: Why promotion mattered

In the summer of 2015, new owner Dejphon Chansiri made his intentions clear. He wanted Wednesday back in the big time. Promotion wasn't just a dream, it was the plan. And in the modern Premier League landscape, glory isn't just on offer, there is money, huge money.

The value of promotion to the Premier League in 2016 was north of £100 million. The simple fact of the matter is that top-flight TV rights and sponsorship are a game-changer.

For a club in Wednesday's situation, it could have been completely transformative. Debt cleared, infrastructure improved, top players signed and retained. But as we know, it didn't quite happen.

2015/16: The Wembley heartbreak

Carlos Carvalhal's first season in charge was nothing short of remarkable. He built a side that could play, with Barry Bannan pulling the strings, while Fernando Foristieri became a talisman.

Most importantly, supporters began to believe.

Wednesday finished sixth in the final standings and took on Brighton in the play-offs. A 2-0 win at Hillsborough, followed by a battling draw on the south coast, saw the Owls prepare for a trip to Wembley.

But, it wasn't to be their day. A thunderbolt from Mohamed Diame broke Wednesday hearts. Hull went up to the Premier League, while their fellow Yorkshire outfit was left with nothing.

That defeat? It stung, and not just emotionally. That missed promotion cost the club a shot at £100 million.

2016/17: Even more painful the second time

Following up on their promotion effort, Wednesday didn't crumble. The 2016/17 season saw them finish fourth, setting up another play-off campaign, this time against Huddersfield Town, who were able to achieve a remarkable fifth-place finish under David Wagner.

On paper, Wednesday were the favourites. Huddersfield had overachieved. The Owls had experience, depth, and home advantage in the second leg following a 0-0 draw at the John Smith's Stadium.

However, it came down to penalties at Hillsborough after a Tom Lees own goal cancelled out a Steven Fletcher opener for the Owls. And, Wednesday came out on the wrong side of the result following the shoot-out, before Huddersfield went on to win a second successive shoot-out victory, this time in the play-off final against Reading.

Once again, the Owls were left wondering, 'what if?'

The price of failure for Sheffield Wednesday

What happened next is a lesson in the brutal economics of football. After a poor start to the 2017/18 campaign, Carvalhal left the club on Christmas Eve, eventually joining Swansea City in the Premier League.

Jos Luhukay was able to steady the ship while star man Fernando Foristieri missed 34 matches that season through a knee injury, before eventually returning towards the back end of the campaign.

Club record signing Jordan Rhodes had failed to make a mark at the club, akin to that of his record with Blackburn. And without a recognised talisman in the forward line, Wednesday failed to achieve the same attacking spark that had been the case in the prior two years.

Sheffield Wednesday forward options 2016/17 (Stats from Transfermarkt)

Following on from the 2017/18 campaign, the Owls were unable to sustain another promotion campaign, and by 2021, the club was relegated to League One.

There were points deductions, Financial Fair Play issues, and growing disillusionment, and while clubs going up and coming back down from the Premier League had their top-flight riches readily available to the likes of Wednesday's arch rivals, Sheffield United, the Hillsborough outfit had nothing to fall back on.

Hindsight is cruel

It is easy to look back now and wonder, what if Diame had not broken Wednesday's hearts at Wembley? What if the shootout against Huddersfield ended differently?

However, in a sport of fine margins, these margins cost Wednesday dearly.

The decision to hire Carvalhal was bold, and in many ways, it worked. He gave supporters belief, delivered big days and nights, and in all, made the club dream again. But the failure to get over the line, not once, but twice, has haunted the club ever since.

Verdict: One decision, £100 million lost

The appointment in 2015 changed everything. It brought Sheffield Wednesday to the edge of glory. But it also led to one of the most painful 'what if' stories in recent Championship history.

The Premier League riches were right there, twice. But both times, they slipped through Wednesday's fingers.