Storch's group is now the preferred bidder for Wednesday's administrators.
Storch, his son Michael and Tom Costin are fronting American private equity company Arise Capital Partners as they seek to complete a takeover of the club.
Wednesday, which have been in administration since October, will begin next season in League One after a series of heavy points penalties from the Football League.
"I'm pleased that we cleared a major hurdle yesterday as we move towards our goal of taking ownership of this wonderful club by the end of the season," Storch wrote on X. "I'm grateful to the EFL and the administrators for such productive conversations this last week.
"I want you all to know that my team and I are working tirelessly, and are absolutely committed to doing everything we can to fight for the best possible outcome for Sheffield Wednesday and our incredible fans.
"Tomorrow, I fly back to the UK for a week of meetings with a wide range of experts to ensure we hit the ground running and deliver on our promises both on and off the pitch. I look forward to seeing many of you in Sheffield. Please do come over and say hi if you see me around town."