'We will play a key role in football's future' - newly appointed regulator David Kogan
The team's ongoing struggles are seen as a "significant problem" and the football regulator is seeking powers to investigate clubs in comparable cases, its new chair the regulator has announced.
During an extensive discussion, the chairman, who was appointed on Monday, voiced concern towards supporters of the Owls.
The chairman convened with four supporters' associations representing the Championship side this week.
The football club have been struggling on and off the field in 2025, with the club missing wage payments on multiple instances, including in the autumn.
"Clearly Sheffield Wednesday has been a significant problem for EFL and a significant problem for football," the regulator explained.
"Wednesday stands as one of the historic institutions for football in England and this week we have met supporters' organizations.
"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs submitted for our review if they need to be investigated and dealt with."
Economic Challenges and Proprietorship Status
The team's struggling chairman Dejphon Chansiri indicated in the summer he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with potential new owners.
Missed wage deadlines on time in March and May resulted in restrictions being imposed by the English Football League (EFL) in mid-year, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although that restriction was lifted in the end of the transfer window.
Authority's Position
The chairman stated: "The job [of the regulator] is there for the Owls followers, teams facing challenges 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 since 1992 have gone to the wall, or been close to going to the wall, for factors unrelated to the supporters."
When asked if the regulator could force an proprietor to divest a club if they are judged inappropriate, the regulator answered: "If your question is 'would we intervene in the final instance?', the reply is once we assemble the facts and know what's going on, we will."
But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the authority would rather to cooperate with proprietors.
"The final option we would consider is commence engagement with an specific team, an specific proprietor, without being able to work with that chairman to fix the challenges confronting the team and the chairman's encountering," the regulator explained.
"However, realistically, when you look back over the history of the sport, over the past few decades there have been certain proprietors, few in number, but particular people who have shown negligence in the approach they have taken toward their organizations and finally refuse to accept accountability for the long-term prospects."
Owls fans have been voicing opposition to owner Dejphon Chansiri during the current campaign
'Errors may undo substantial development'
The regulator engaged officials from numerous teams to lay out the remit of the regulator on Wednesday and insisted it was a "progressive gathering" with a "significant participation" from the grassroots to elite level.
"It's a job that's actually really important, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made could disappear rapidly," Kogan said.
"This represents everyone's worst fear in the terms of English football is a major achievement - we must maintain momentum.
"Substantial financial resources flowing into the game and has been channeled for the past two decades, because there's no guarantee it will continue to come into football, which is part of the rationale behind I think we have to take a really clear view on potential dangers and naturally, of the immediate future."
Premier League Concerns
Elite division representatives objected to the formation of an authority because of fears of a negative impact on the elite division's competitive balance, but Kogan said: "I completely endorse the achievement and development as an economic entity of the top division.
"I of all people understand the apprehension regarding damaging the division as a high-quality offering of the nation. But at the same time, if you talk to the Premier League after this week's discussion, they would have had a significant degree of comfort -and, actually, they have been advising us privately they have a significant confidence."
Partisan Associations
The chairman continues to confront a "thorough examination" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in recent years.
The chairman provided financial support for government minister the politician's campaign, along with that of the government leader.
"I have fully disclosed my previous political affiliation [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.
"I am no longer involved in any type of partisan engagement."
