'Our role is integral to football's future' - independent football regulator David Kogan
The team's current difficulties are seen as a "serious issue" and the football regulator is seeking powers to look into club affairs in comparable cases, the newly appointed chairman 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 supporters' associations representing the Championship side in recent days.
The Championship side have been experiencing difficulties in multiple areas in 2025, with the club delaying salary disbursements on five separate occasions, including in last month.
"Obviously the club has become a significant problem for EFL and a significant problem for football," the chairman stated.
"The club represents one of the historic institutions for the English game and this week we have met fan representatives.
"Our aim is to acquire the ability... which will allow us to have Wednesday and comparable cases referred to us if they require examination and addressed."
Financial Struggles and Leadership Concerns
The team's struggling chairman Dejphon Chansiri suggested earlier this year he would be prepared to relinquish control at the stadium, but he has been unable to finalize an agreement with interested parties.
Missed wage deadlines on time in March and May resulted in restrictions being imposed by the league officials in summer, preventing the club from carrying out any player acquisitions for the subsequent signing windows, although that restriction was lifted in late summer.
Authority's Position
Kogan said: "The job [of the regulator] is there for the Owls followers, teams facing challenges where supporters are loyal to a local institution that has been part of their lives in multiple situations.
"I have absolute sympathy for the club's situation, as I do for all the clubs that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the fans themselves."
When asked if the authority might compel an chairman to relinquish 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 collect the information and know what's going on, we will."
But Kogan stressed that compelling proprietors to divest clubs would be viewed as the ultimate measure and the authority would rather to collaborate with owners.
"The final option we would consider is commence engagement with an particular organization, an individual owner, without having the opportunity to collaborate with that proprietor to address the issues that the club's facing and the proprietor's dealing with," Kogan said.
"However, realistically, when you examine the past of the sport, over the past few decades there have been some owners, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately decline to assume obligation for the future."
Owls fans have been protesting against the current proprietor during the current campaign
'Errors may undo substantial development'
Kogan met with officials from numerous teams to explain the responsibilities of the authority recently and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.
"This position carries substantial significance, because if we get it wrong, if the football community fails, the significant advances achieved might evaporate rapidly," Kogan said.
"Such an outcome is universally undesirable in the realm of domestic football is a huge success story - we've got to keep it going.
"There's an enormous amount of money coming into football and has been invested for the last 20 or 25 years, because there's no guarantee it will persist in entering the game, which is among the factors explaining I think we have to take a really clear view on potential dangers and naturally, of the coming seasons."
Top Flight Apprehensions
The Premier League opposed the establishment of an oversight body because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the regulator stated: "I completely endorse the prosperity and expansion as an financial organization of the elite league.
"I of all people understand the apprehension regarding damaging 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 telling us in private they have a significant confidence."
Political Connections
Kogan is still facing a "full inquiry" by the public appointments commissioner after he acknowledged providing funds to the opposition group in the past.
The 68-year-old contributed funds to government minister the minister's leadership bid, along with that of the current Prime Minister.
"I have been entirely transparent regarding my former ideological connection [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the chairman stated.
"I am presently disconnected from any type of partisan engagement."
