Madine, 23, was jailed last October, after two unprovoked assaults on fans in a nightclub in Sheffield.
“First and foremost, Gary is remorseful and has apologised to all those affected.
“He has made some serious errors of judgement and is the first to take ownership of that situation and the consequences.
“We can only condemn his actions as a community-focused football club and make it abundantly clear that no further breach of club rules will be tolerated.
“However, we are of the belief that Gary will try his utmost to put this episode behind him, whilst never forgetting the impact of his actions.
“In addition, we firmly believe the club can play a key, hands-on role in facilitating Gary’s rehabilitation back into the professional working environment.”
Madine, who has played 71 times for the Owls, has one year remaining on his contract at Hillsborough.
After his release, Madine explained;
“I would like to apologise unreservedly to everyone who has suffered through my actions. I realise I let myself, my family and friends, and Sheffield Wednesday down.
“I now wish to look forward, with all the focus on my football.
“I would also like to place on record my appreciation for everyone who has offered me help and support during this difficult period of my life.
“I am grateful to Sheffield Wednesday for giving me this continued opportunity and I can only promise never to let the club or anyone else down in this manner again.”
image: © Ben Sutherland