'We will play a key role in football's future' - independent football regulator David Kogan
The Championship club's current difficulties represent a a "significant problem" and the football regulator is aiming to acquire authority to investigate clubs in similar circumstances, its new chair the official has declared.
During an extensive discussion, Kogan, who was appointed on Monday, showed understanding towards supporters of the Owls.
The chairman convened with four supporters' associations connected to the Championship side in recent days.
The Championship side have been experiencing difficulties in multiple areas in 2025, with the club failing to pay players on time on several different times, including in last month.
"Obviously the club has become a serious issue for football authorities and a substantial concern for English football," Kogan told.
"Wednesday stands as one of the historic institutions for the English game and in recent days we have met supporters' organizations.
"We're now looking to get powers... which will permit us to bring the club and similar situations submitted for our review if they need to be investigated and dealt with."
Monetary Issues and Proprietorship Status
The team's struggling chairman the current owner suggested earlier this year he would be prepared to relinquish control at their home ground, but he has failed to complete a sale with prospective buyers.
Failure to pay player wages on time in March and May caused limitations by the English Football League (EFL) in June, blocking the team from conducting any transfers or loans for the following recruitment periods, although those limitations were removed in the end of the transfer window.
Authority's Position
The regulator explained: "The job [of the regulator] is there for the Owls followers, Bury or any football club where supporters are loyal to a regional establishment that has been part of their lives in multiple situations.
"I have absolute sympathy for the team's plight, as I do for every team that in modern times have encountered failure, or been close to going to the wall, for reasons that have nothing to do with the followers."
When asked if the regulator could force an proprietor to divest a club if they are considered unfit, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we assemble the facts and comprehend the circumstances, we will."
But the chairman emphasized 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 begin intervening in an specific team, an particular chairman, without being able to work with that proprietor to address the problems affecting the organization and the owner's facing," the regulator explained.
"But the truth is, when you review the record of the game, over the last 20 or 30 years there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the approach they have taken toward their clubs and ultimately refuse to accept accountability for the long-term prospects."
Sheffield Wednesday supporters have been protesting against owner Dejphon Chansiri this season
'Mistakes could erase significant advances'
The regulator engaged delegates from multiple organizations to explain the responsibilities of the regulator on Wednesday and maintained it represented a "forward-thinking discussion" with a "significant participation" from the National League to the Premier League.
"It's a job that's actually really important, because if errors are made, if the world of football gets it wrong, the extraordinary progress that's been made could disappear rapidly," Kogan said.
"This represents everyone's worst fear in the context of the English game is a substantial accomplishment - we must maintain momentum.
"There's an enormous amount of money coming into football and has been channeled for the recent generations, because there's no guarantee it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on potential dangers and naturally, 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 elite division's competitive balance, but the regulator stated: "I fully support the prosperity and expansion as an economic entity of the elite league.
"Being fully aware of the concern of undermining the division as a high-quality offering of England. But simultaneously, if you engage with division representatives after this week's discussion, 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 regulator remains subject to a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the Labour Party in recent years.
The 68-year-old contributed funds to government minister the minister's leadership bid, along with that of the government leader.
"I have fully disclosed my former ideological connection [with Labour], and that party membership ceased the day the official body endorsed my nomination," the regulator explained.
"I am no longer involved in any form of political activity."
