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The Championship club's current difficulties represent a a "significant problem" and the new football authority is aiming to acquire authority to investigate clubs in comparable cases, its new chair the regulator has announced.

During an extensive discussion, the chairman, who was named to the position this week, showed understanding towards Wednesday's fanbase.

The regulator engaged with four supporter groups associated with the Championship side recently.

The team have been experiencing difficulties in multiple areas in 2025, with the club delaying salary disbursements on several different times, including in September.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a major challenge for the sport," the regulator explained.

"Sheffield Wednesday is one of the iconic names for English football and in recent days we have met supporters' organizations.

"We are seeking authority... which will allow us to have Wednesday and comparable cases referred to us if they need to be investigated and addressed."

Monetary Issues and Ownership Situation

The team's struggling chairman Dejphon Chansiri suggested earlier this year he would be open to selling the club at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Failure to pay player wages on time in earlier this year caused limitations by the English Football League (EFL) in summer, blocking the team from conducting any player acquisitions for the next three transfer windows, although those limitations were removed in late summer.

Regulator's Perspective

The chairman stated: "The job [of the regulator] is there for the Owls followers, teams facing challenges where fans are dedicated to a regional establishment that has represented their community in multiple situations.

"I fully appreciate Sheffield Wednesday, as I do for each organization that over recent decades have faced collapse, or been close to going to the wall, for factors unrelated to the followers."

When asked if the oversight body could require an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we gather the evidence and know what's going on, we will."

But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to cooperate with proprietors.

"The last thing what we want to do is start getting involved with an specific team, an particular chairman, without being in a position to cooperate with that chairman to fix the problems affecting the organization and the proprietor's dealing with," Kogan said.

"But the truth is, when you review the record of the sport, over the last 20 or 30 years there have been certain proprietors, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged officials from numerous teams to explain the responsibilities of the regulator on Wednesday and insisted it was a "progressive gathering" with a "substantial involvement" from the National League to the Premier League.

"This position carries substantial significance, because if errors are made, if the world of football gets it wrong, the significant advances achieved could disappear rapidly," Kogan said.

"Such an outcome is universally undesirable in the context of the English game is a huge success story - we've got to keep it going.

"Substantial financial resources coming into football and has come into football for the recent generations, because there's no guarantee it will keep flowing into the sport, which is part of the rationale behind I think we have to adopt a precise perspective on challenges and obviously, of the next two or three years."

Top Flight Apprehensions

Top flight officials resisted the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the success and growth as an economic entity of the top division.

"I of all people understand the apprehension regarding damaging the top flight as an elite competition of this country. But at the same time, if you engage with division representatives after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been advising us privately they have a high level of reassurance."

Political Connections

Kogan is still facing a "full inquiry" by the public appointments commissioner after he revealed he contributed money to the political party in the past.

The chairman donated money to government minister the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding 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 form of political activity."