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The team's ongoing struggles are seen as a "major concern" and the football regulator is looking to gain the ability to look into club affairs in similar circumstances, its new chair the regulator has declared.

Through a comprehensive talk, the regulator, who was appointed on Monday, showed understanding towards supporters of the Owls.

Kogan met with four fan organizations connected to the football team in recent days.

The Championship side have been struggling on and off the field in 2025, with the club delaying salary disbursements on several different times, including in last month.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a substantial concern for English football," the regulator explained.

"Sheffield Wednesday is one of the great brands for English football and in recent days we have met fan representatives.

"We're now looking to get powers... which will allow us to have Wednesday and comparable cases referred to us if they require examination and addressed."

Financial Struggles and Proprietorship Status

The club's controversial proprietor Dejphon Chansiri indicated in the summer he would be open to selling the club at their home ground, but he has been unable to finalize an agreement with potential new owners.

Missed wage deadlines on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in June, stopping Wednesday from completing any player acquisitions for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Authority's Position

The regulator explained: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where supporters are loyal to a community organization that has existed throughout their lifetimes in numerous instances.

"I completely understand the club's situation, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for reasons that have nothing to do with the fans themselves."

When asked if the regulator could force an proprietor to divest a club if they are judged inappropriate, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we collect the information and comprehend the circumstances, we will."

But the chairman emphasized that forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to collaborate with owners.

"The final option we would consider is begin intervening in an individual club, an particular chairman, without having the opportunity to collaborate with that owner to try and resolve the challenges confronting the team and the chairman's encountering," the regulator explained.

"But the truth is, when you examine the past of the game, over the past few decades there have been certain proprietors, not many, but certain individuals who have acted carelessly in the approach they have taken toward their organizations and finally don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

Kogan met with delegates from multiple organizations to detail the scope of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "substantial involvement" from the National League to the Premier League.

"This position carries substantial significance, because should mistakes occur, if the world of football gets it wrong, the significant advances achieved could disappear incredibly quickly," the chairman stated.

"This represents everyone's worst fear in the terms of English football is a major achievement - we've got to keep it going.

"There's an enormous amount of money flowing into the game and has been invested for the recent generations, because certainty is lacking it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."

Elite Division Worries

Top flight officials resisted the creation of a regulator because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the chairman responded: "I fully support the prosperity and expansion as an economic entity of the Premier League.

"As someone who appreciates the concern of undermining the Premier League as a premium product of England. But simultaneously, if you consult with top flight officials after the recent gathering, they would have had a substantial amount of confidence -and, actually, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

The regulator remains subject to a "full inquiry" by the official appointments authority after he disclosed making donations to the opposition group in 2020.

The 68-year-old donated money to government minister the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my past party membership [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the regulator explained.

"I am no longer involved in any type of partisan engagement."