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The Championship club's persistent issues constitute a "significant problem" and the football regulator is looking to gain the ability to investigate clubs in such situations, the newly appointed chairman David Kogan has declared.

In a wide-ranging interview, the regulator, who was appointed on Monday, voiced concern towards the club's followers.

The chairman convened with four supporters' associations representing the South Yorkshire club in recent days.

The team have been struggling on and off the field in 2025, with the club delaying salary disbursements on multiple instances, including in September.

"Evidently Wednesday represents a significant problem for EFL and a major challenge for the sport," the regulator explained.

"Sheffield Wednesday is one of the historic institutions for English football and this week we have met fan representatives.

"We are seeking authority... which will enable us to take Wednesday and comparable cases submitted for our review if they warrant scrutiny and acted upon."

Monetary Issues and Ownership Situation

The team's struggling chairman Dejphon Chansiri stated during the off-season he would be willing to sell up at the stadium, but he has failed to complete a sale with potential new owners.

Missed wage deadlines on time in earlier this year led to sanctions by the league officials in summer, stopping Wednesday from completing any recruitment activities for the following recruitment periods, although the ban was rescinded in August.

Regulator's Perspective

The regulator explained: "The position was created for the Owls followers, teams facing challenges where supporters are loyal to a community organization that has represented their community in many cases.

"I have absolute sympathy for the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the fans themselves."

When asked if the authority might compel an chairman to relinquish a club if they are judged inappropriate, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we gather the evidence and understand the situation, we will."

But the regulator clarified that compelling proprietors to divest clubs would be treated as a "last resort" and the oversight body would choose to cooperate with proprietors.

"Our least desirable course of action is begin intervening in an specific team, an individual owner, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the owner's facing," Kogan said.

"However, realistically, when you review the record of the sport, over the last 20 or 30 years there have been particular chairmen, a small minority, but some who have been irresponsible in the approach they have taken toward their organizations and finally refuse to accept accountability for the long-term prospects."

'Mistakes could erase significant advances'

The chairman convened with officials from numerous teams to lay out the remit of the authority recently and maintained it represented a "progressive gathering" with a "significant participation" from the National League to the Premier League.

"This position carries substantial significance, because if we get it wrong, if the world of football gets it wrong, the remarkable development accomplished necessary will vanish swiftly," the chairman stated.

"Such an outcome is universally undesirable in the terms of English football is a substantial accomplishment - we've got to keep it going.

"Considerable investment coming into football and has come into football for the last 20 or 25 years, because there are no assurances it will persist in entering the game, which is among the factors explaining I think we have to maintain a focused outlook on challenges and obviously, of the next two or three years."

Premier League Concerns

The Premier League opposed the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the chairman responded: "I'm absolutely committed to the prosperity and expansion as an economic entity of the Premier League.

"I of all people understand the apprehension regarding damaging the division as a high-quality offering of England. But at the same time, if you talk to the Premier League after this week's discussion, they would have had a high level of reassurance -and, in fact, they have been advising us privately they have a high level of reassurance."

Political Connections

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the political party in 2020.

The official provided financial support for Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.

"I currently have no participation in any type of partisan engagement."