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The Championship club's ongoing struggles constitute a "major concern" and the independent regulator is seeking powers to investigate clubs in similar circumstances, its new chair David Kogan has announced.

During an extensive discussion, Kogan, who was named to the position this week, voiced concern towards Wednesday's fanbase.

The chairman convened with four supporters' associations representing the Championship side this week.

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

"Obviously the club has become a significant problem for EFL and a major challenge for the sport," Kogan told.

"Wednesday stands as one of the great brands for football in England and in recent days we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will enable us to take the club and similar situations brought to our attention if they require examination and acted upon."

Monetary Issues and Proprietorship Status

Wednesday's embattled owner the current owner indicated in the summer he would be willing to sell up at Hillsborough, but he has failed to complete a sale with prospective buyers.

Failure to pay player wages on time in March and May resulted in restrictions being imposed by the league officials in mid-year, stopping Wednesday from completing any transfers or loans for the following recruitment periods, although the ban was rescinded in late summer.

Official's Viewpoint

The regulator explained: "The position was created for the supporters of Wednesday, Bury or any football club where supporters are loyal to a local institution that has represented their community in multiple situations.

"I fully appreciate the club's situation, as I do for all the clubs that in modern times have encountered failure, or approached financial ruin, for factors unrelated to the followers."

Questioned about whether the regulator could force an owner to sell a club if they are judged inappropriate, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we collect the information and understand the situation, we will."

But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the authority would rather to collaborate with owners.

"Our least desirable course of action is start getting involved with an particular organization, an particular chairman, without being able to work with that proprietor to address the challenges confronting the team and the chairman's encountering," Kogan said.

"However, realistically, when you examine the past of the game, over the recent generations there have been some owners, not many, but some who have been irresponsible in the manner they have operated their teams and eventually refuse to accept accountability for the future."

'Mistakes could erase significant advances'

The regulator engaged delegates from multiple organizations to detail the scope of the regulator on Wednesday and stated it constituted a "forward-thinking discussion" with a "high level of engagement" from the lower divisions to the top flight.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the remarkable development accomplished might evaporate swiftly," Kogan said.

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

"Substantial financial resources coming into football and has been channeled for the past two decades, because there are no assurances it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on risk and of course, of the immediate future."

Premier League Concerns

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the elite division's competitive balance, but Kogan said: "I completely endorse the success and growth as an financial organization of the Premier League.

"As someone who appreciates the apprehension regarding damaging the division as a high-quality offering of this country. But at the same time, if you talk to the Premier League after the recent gathering, they would have had a significant degree of comfort -and, indeed, they have been telling us in private they have a considerable comfort."

Political Connections

The regulator remains subject to a "thorough examination" by the public appointments commissioner after he disclosed making donations to the Labour Party in recent years.

The chairman donated money to Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the current Prime Minister.

"I have fully disclosed my former ideological connection [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the regulator explained.

"I currently have no participation in any sort of politics."