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The Championship club's current difficulties represent a a "significant problem" and the new football authority is seeking powers to investigate clubs in similar circumstances, the recently named head the official has announced.

During an extensive discussion, the chairman, who was named to the position this week, showed understanding towards supporters of the Owls.

The regulator engaged with four supporter groups connected to the Championship side in recent days.

The Championship side have been struggling on and off the field in 2025, with the club missing wage payments on five separate occasions, including in September.

"Obviously the club has become a major concern for the league and a major challenge for the sport," the regulator explained.

"Sheffield Wednesday is one of the historic institutions for the English game and this week we have met supporters' organizations.

"Our aim is to acquire the ability... which will permit us to bring the club and similar situations referred to us if they warrant scrutiny and acted upon."

Financial Struggles and Leadership Concerns

The team's struggling chairman the Thai businessman suggested earlier this year he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with potential new owners.

Failure to pay player wages on time in spring months resulted in restrictions being imposed by the football authorities in June, stopping Wednesday from completing any transfers or loans for the following recruitment periods, although those limitations were removed in August.

Regulator's Perspective

The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, other clubs in similar situations where supporters are loyal to a local institution that has existed throughout their lifetimes in many cases.

"I have absolute sympathy for Sheffield Wednesday, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the supporters."

When asked if the regulator could force an owner to sell a club if they are deemed unsuitable, Kogan said: "If your question is 'would we intervene in the final instance?', the response would be once we gather the evidence and understand the situation, we will."

But the regulator clarified that forcing owners to sell clubs would be considered the final option and the oversight body would choose to work with them.

"The last thing what we want to do is begin intervening in an particular organization, an particular chairman, without being able to work with that proprietor to address the problems affecting the organization and the owner's facing," the chairman stated.

"But the truth is, when you examine the past of football, over the past few decades there have been certain proprietors, 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 long-term prospects."

'Errors may undo substantial development'

Kogan met with officials from numerous teams to detail the scope of the regulator on Wednesday and insisted it was a "forward-thinking discussion" 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 extraordinary progress that's been made necessary will vanish incredibly quickly," Kogan said.

"And that's what nobody wants in the realm of domestic football is a major achievement - we need to continue the progress.

"Considerable investment flowing into the game and has come into football for the last 20 or 25 years, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the immediate future."

Elite Division Worries

The Premier League opposed the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but the chairman responded: "I completely endorse the success and growth as an commercial operation of the top division.

"Being fully aware of the concern of undermining the Premier League as a premium product of England. But at the same time, if you engage with division representatives after this week's discussion, they would have had a high level of reassurance -and, in fact, they have been telling us in private they have a considerable comfort."

Ideological Links

Kogan is still facing a "full inquiry" by the public appointments commissioner after he disclosed making donations to the opposition group in the past.

The chairman donated money to Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.

"I have fully disclosed my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.

"I am no longer involved in any form of political activity."