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The team's ongoing struggles represent a a "serious issue" and the new football authority is seeking powers to look into club affairs in comparable cases, the newly appointed chairman the regulator has declared.

In a wide-ranging interview, the chairman, who was named to the position this week, showed understanding towards Wednesday's fanbase.

The regulator engaged with four supporters' associations representing the South Yorkshire club recently.

The team have been experiencing difficulties in multiple areas in 2025, with the club missing wage payments on multiple instances, including in last month.

"Evidently Wednesday represents a serious issue for football authorities and a major challenge for the sport," the regulator explained.

"Wednesday stands as one of the historic institutions for the English game and in recent days we have met fan representatives.

"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases submitted for our review if they need to be investigated and acted upon."

Economic Challenges and Ownership Situation

The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be willing to sell up at Hillsborough, but he has not been able to secure a deal with potential new owners.

Missed wage deadlines on time in earlier this year caused limitations by the English Football League (EFL) in June, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although the ban was rescinded in late summer.

Official's Viewpoint

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

"I have absolute sympathy for Sheffield Wednesday, as I do for every team that in modern times have encountered failure, or approached financial ruin, for factors unrelated to the followers."

When asked if the regulator could force an owner to sell a club if they are considered unfit, the chairman responded: "When asking whether 'would we intervene in the final instance?', the reply is once we assemble the facts and know what's going on, we will."

But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the regulator would prefer to cooperate with proprietors.

"The last thing what we want to do is commence engagement with an individual club, an individual owner, without having the opportunity to collaborate with that owner to try and resolve the issues that the club's facing and the owner's facing," Kogan said.

"In actuality, when you examine the past of the sport, over the recent generations there have been some owners, a small minority, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually refuse to accept accountability for the future."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with representatives from 110 clubs to lay out the remit of the regulator on Wednesday and stated it constituted a "proactive meeting" with a "substantial involvement" from the lower divisions to the top flight.

"The role holds considerable importance, because if errors are made, if the world of football gets it wrong, the remarkable development accomplished might evaporate swiftly," the regulator warned.

"This represents everyone's worst fear in the context of the English game is a major achievement - we must maintain momentum.

"Substantial financial resources coming into football and has been channeled for the recent generations, because there's no guarantee it will persist in entering the game, which is one of the reasons why I think we have to adopt a precise perspective on risk and of course, of the next two or three years."

Premier League Concerns

Elite division representatives objected to the establishment of an oversight body because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I fully support the success and growth as an financial organization of the Premier League.

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of the nation. But concurrently, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, actually, they have been telling us in private they have a significant confidence."

Political Connections

The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the opposition group in 2020.

The chairman provided financial support for Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the current Prime Minister.

"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 sort of politics."