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The team's persistent issues constitute a "serious issue" and the independent regulator is seeking powers to look into club affairs in comparable cases, the recently named head the regulator has announced.

In a wide-ranging interview, the regulator, who was appointed on Monday, voiced concern towards supporters of the Owls.

Kogan met with four supporter groups representing the South Yorkshire club recently.

The football club have been struggling on and off the field in 2025, with the club missing wage payments on five separate occasions, including in the autumn.

"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," the regulator explained.

"Wednesday stands as one of the great brands for the English game and recently we have met fan representatives.

"We're now looking to get powers... which will permit us to bring the club and similar situations brought to our attention if they need to be investigated and addressed."

Monetary Issues and Proprietorship Status

Wednesday's embattled owner the current owner indicated in the summer he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with interested parties.

Missed wage deadlines on time in earlier this year caused limitations by the English Football League (EFL) in mid-year, preventing the club from carrying out any player acquisitions for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

Kogan said: "The position was created for the supporters of Wednesday, Bury or any football club where people are committed to a community organization that has been part of their lives in numerous instances.

"I completely understand the club's situation, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for causes separate from the fans themselves."

Inquired if the oversight body could require an owner to sell a club if they are considered unfit, Kogan said: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and comprehend the circumstances, we will."

But the chairman emphasized that forcing owners to sell clubs would be considered the final option and the oversight body would choose to collaborate with owners.

"The final option we would consider is start getting involved with an individual club, an individual owner, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the proprietor's dealing with," the regulator explained.

"However, realistically, when you look back over the history of the game, over the past few decades there have been particular chairmen, not many, but particular people who have shown negligence in the manner they have operated their clubs and ultimately refuse to accept accountability for the future."

'Errors may undo substantial development'

The regulator engaged officials from numerous teams to lay out the remit of the authority recently and maintained it represented a "forward-thinking discussion" with a "high level of engagement" from the grassroots to elite level.

"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made could disappear swiftly," the regulator warned.

"And that's what nobody wants in the realm of domestic football is a huge success story - we need to continue the progress.

"Substantial financial resources entering the sport and has been channeled for the past two decades, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on challenges and obviously, of the next two or three years."

Elite Division Worries

The Premier League opposed the establishment of an oversight body because of concerns about detrimental effects on the top-flight's competitiveness, but Kogan said: "I completely endorse the achievement and development as an economic entity of the top division.

"As someone who appreciates the worry about compromising the Premier League as a premium product of the nation. But at the same time, if you engage with division representatives after this week's discussion, they would have had a significant degree of comfort -and, indeed, they have been informing us confidentially they have a considerable comfort."

Partisan Associations

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he revealed he contributed money to the political party in the past.

The chairman contributed funds to Culture Secretary Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my past party membership [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."