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The Championship club's ongoing struggles constitute a "major concern" and the new football authority is seeking powers 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, expressed "sympathy" towards the club's followers.

The chairman convened with four fan organizations associated with the football team this week.

The team have been struggling on and off the field in 2025, with the club delaying salary disbursements on several different times, including in the autumn.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a substantial concern for English football," the chairman stated.

"The club represents one of the great brands for football in England and in recent days we have met fan representatives.

"Our aim is to acquire the ability... which will enable us to take Wednesday and comparable cases brought to our attention if they warrant scrutiny and addressed."

Economic Challenges and Ownership Situation

Wednesday's embattled owner the Thai businessman stated during the off-season he would be prepared to relinquish control at their home ground, but he has been unable to finalize an agreement with interested parties.

Missed wage deadlines on time in spring months resulted in restrictions being imposed by the football authorities in mid-year, blocking the team from conducting any transfers or loans for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Regulator's Perspective

The chairman stated: "Our role exists to serve the Owls followers, teams facing challenges where supporters are loyal to a community organization that has existed throughout their lifetimes in multiple situations.

"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."

Questioned about whether the regulator could force an proprietor to divest a club if they are deemed unsuitable, the regulator answered: "When asking whether 'would we intervene in the final instance?', the answer is once we collect the information and comprehend the circumstances, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be considered the final option and the oversight body would choose to cooperate with proprietors.

"The last thing what we want to do is commence engagement with an specific team, an specific proprietor, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the chairman's encountering," Kogan said.

"But the truth is, when you review the record of the sport, over the past few decades there have been particular chairmen, not many, but some who have been irresponsible in the way which they've been managing their teams and eventually refuse to accept accountability 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 maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the National League to the Premier League.

"It's a job that's actually really important, because if errors are made, if the sport makes errors, the significant advances achieved could disappear rapidly," the regulator warned.

"And that's what nobody wants in the context of the English game is a huge success story - we need to continue the progress.

"There's an enormous amount of money coming into football and has been invested for the past two decades, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on challenges and obviously, of the coming seasons."

Premier League Concerns

The Premier League opposed the creation of a regulator because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but the chairman responded: "I completely endorse the prosperity and expansion as an financial organization of the elite league.

"As someone who appreciates the concern of undermining the Premier League as a premium product of the nation. But concurrently, if you engage with division representatives after the recent gathering, they would have had a high level of reassurance -and, in fact, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the Labour Party in the past.

The 68-year-old donated money to Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.

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