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The team's persistent issues are seen as a "serious issue" and the independent regulator is seeking powers to examine team situations in comparable cases, its new chair the regulator has stated.

In a wide-ranging interview, the chairman, who was appointed on Monday, showed understanding towards Wednesday's fanbase.

The chairman convened with four fan organizations representing the South Yorkshire club this week.

The Championship side have been struggling on and off the field in 2025, with the club missing wage payments on multiple instances, including in last month.

"Evidently Wednesday represents a significant problem for EFL and a substantial concern for English football," Kogan told.

"The club represents one of the iconic names for football in England and recently we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will enable us to take the club and similar situations submitted for our review if they warrant scrutiny and dealt with."

Economic Challenges and Leadership Concerns

The team's struggling chairman the Thai businessman suggested earlier this year he would be willing to sell up at the stadium, but he has failed to complete a sale with interested parties.

Missed wage deadlines on time in March and May led to sanctions by the league officials in mid-year, stopping Wednesday from completing any recruitment activities for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Regulator's Perspective

The chairman stated: "The position was created for the fans of Sheffield Wednesday, other clubs in similar situations where supporters are loyal to a regional establishment that has represented their community in many cases.

"I completely understand the team's plight, as I do for every team that since 1992 have gone to the wall, or approached financial ruin, for reasons that have nothing to do with the supporters."

When asked if the authority might compel an owner to sell a club if they are deemed unsuitable, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and comprehend the circumstances, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.

"The last thing what we want to do is start getting involved with an specific team, an individual owner, without being in a position to cooperate with that chairman to fix the challenges confronting the team and the chairman's encountering," the regulator explained.

"But the truth is, when you examine the past of the sport, over the last 20 or 30 years there have been some owners, few in number, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually don't wish to take responsibility for the coming years."

'Errors may undo substantial development'

The chairman convened with representatives from 110 clubs to explain the responsibilities of the regulator on Wednesday and maintained it represented a "forward-thinking discussion" with a "significant participation" from the lower divisions to the top flight.

"This position carries substantial significance, because if errors are made, if the world of football gets it wrong, the significant advances achieved necessary will vanish incredibly quickly," the regulator warned.

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

"Substantial financial resources entering the sport and has come into football for the recent generations, because there are no assurances it will continue to come into football, which is part of the rationale behind I think we have to take a really clear view on risk and of course, of the immediate future."

Elite Division Worries

Elite division representatives objected to the creation of a regulator because of fears of a negative impact on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the success and growth as an commercial operation of the Premier League.

"Being fully aware of the worry about compromising the top flight as an elite competition of the nation. But at the same time, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, in fact, they have been telling us in private they have a high level of reassurance."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the political party in the past.

The chairman provided financial support for government minister the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my previous political affiliation [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," Kogan said.

"I am presently disconnected from any form of political activity."