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The team's ongoing struggles constitute a "serious issue" and the independent regulator is aiming to acquire authority to investigate clubs in comparable cases, the newly appointed chairman the official has stated.

In a wide-ranging interview, the chairman, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

Kogan met with four supporter groups associated with the football team this week.

The Championship side have been facing challenges both on and off the pitch in 2025, with the club missing wage payments on multiple instances, including in September.

"Evidently Wednesday represents a major concern for the league and a substantial concern for English football," Kogan told.

"The club represents one of the iconic names for English football and in recent days we have met fan representatives.

"We're now looking to get powers... which will permit us to bring Wednesday and comparable cases referred to us if they warrant scrutiny and acted upon."

Financial Struggles and Ownership Situation

The team's struggling chairman the Thai businessman indicated in the summer he would be prepared to relinquish control at their home ground, but he has failed to complete a sale with potential new owners.

Delayed salary payments on time in spring months led to sanctions by the English Football League (EFL) in summer, preventing the club from carrying out any transfers or loans for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Regulator's Perspective

The regulator explained: "Our role exists to serve the supporters of Wednesday, other clubs in similar situations where people are committed to a regional establishment that has existed throughout their lifetimes in multiple situations.

"I have absolute sympathy for the club's situation, as I do for each organization that in modern times have encountered failure, or approached financial ruin, for reasons that have nothing to do with the followers."

When asked if the regulator could force an owner to sell a club if they are considered unfit, the chairman responded: "If your question is 'would we intervene in the final instance?', the reply is once we gather the evidence and comprehend the circumstances, we will."

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

"The last thing what we want to do is start getting involved with an particular organization, an particular chairman, without being able to work with that owner to try and resolve the problems affecting the organization and the chairman's encountering," the regulator explained.

"But the truth is, when you examine the past of the sport, over the recent generations there have been some owners, not many, but particular people who have shown negligence in the manner they have operated their clubs and ultimately decline to assume obligation for the long-term prospects."

'Errors may undo substantial development'

Kogan met with delegates from multiple organizations to explain the responsibilities of the regulator on Wednesday and maintained it represented a "progressive gathering" with a "significant participation" from the National League to the Premier League.

"It's a job that's actually really important, because if we get it wrong, if the world of football gets it wrong, the remarkable development accomplished necessary will vanish rapidly," Kogan said.

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

"Substantial financial resources flowing into the game and has been invested for the past two decades, because certainty is lacking it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on potential dangers and naturally, of the next two or three years."

Premier League Concerns

Elite division representatives objected to the creation of a regulator because of fears of a negative impact on the elite division's competitive balance, but the regulator stated: "I fully support the success and growth as an commercial operation of the elite league.

"I of all people understand the concern of undermining the division as a high-quality offering of the nation. But at the same time, if you engage with division representatives after the recent gathering, they would have had a high level of reassurance -and, actually, they have been informing us confidentially 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 68-year-old contributed funds to Culture Secretary Lisa Nandy's leadership campaign, 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 parliamentary committee confirmed my selection," the regulator explained.

"I am no longer involved in any type of partisan engagement."