He told BBC Radio Sheffield: "The Co-op bank won't drop us into administration. They would lose money in that arrangement versus the club being run properly, being progressive and a good owner coming in."
Strafford added: "Club 9 are in the middle of negotiations with the Co-op bank. There's meetings happening in the next week or so and they might even be at the game on Saturday.
"They're going to be taking the air or seeing what Sheffield Wednesday is all about. Between now and when they get a deal done, we've got to drive this football club forward."
Strafford confirmed the Owls required average attendances of at least 24,000 to break even and that would apply even if they were relegated to League One for next season.