Someone may have already said this but whilst the administrators have to accept the highest legitimate offer, there are other softer options open to them before that comes, whilst of course staying within the boundaries of law.
Yes, ultimately, they can't stop someone questionable in their eyes as Wednesday fans making the highest bid, but they can make life harder for them without breaking the rules.
This for me is where the EFL, with help from the new regulator, could improve their fit and proper check. Dejphon Chansiri passed it historically FFS. Aside from having the money and likely to continue to have the money, are they a good egg, not a psychotic narcacist, can they evidence decent business acumen continiually, will they agree to be approved on licence every year etc.
That said, a redraft of the EFL rules and a suitable set of laws for a regulator would be tricky, largely for fear of discrimination and contradiction of our existing maze of legislation.