Sheffield Wednesday's Struggles Prompt Regulatory Review
Sheffield Wednesday's ongoing difficulties are a "significant problem," and the football regulator is seeking the authority to investigate clubs facing such challenges, said its new chair, David Kogan.
In a comprehensive interview with BBC Sport, Kogan, who was appointed on Monday, expressed his "sympathy" for the supporters of the Owls.
This week, Kogan met with four supporter groups associated with the South Yorkshire club.
The Championship team has been grappling with issues both on and off the pitch in 2025, having failed to pay players on time on five occasions, including in September.
"Clearly, Sheffield Wednesday has been a significant problem for the EFL and a significant problem for football," Kogan told BBC Sport.
"Sheffield Wednesday is one of the great brands in English football, and this week we have engaged with the supporters' groups of Sheffield Wednesday.
"We are now looking to obtain powers that will allow us to refer Sheffield Wednesday—and other clubs—to us for investigation and necessary action."
Wednesday's beleaguered owner, Dejphon Chansiri, indicated during the summer that he would be open to selling the club at Hillsborough, but he has yet to finalize a deal with potential buyers.
Delays in paying player wages in March and May resulted in the English Football League (EFL) imposing restrictions in June, preventing the club from executing any transfers or loans for three transfer windows, although that restriction was lifted in August.
Kogan remarked, "The role of the regulator is to serve the fans of Sheffield Wednesday, Bury, or any football club where people are dedicated to a local institution that has been a part of their lives for many years.
"I have profound sympathy for Sheffield Wednesday, as I do for all clubs that have faced financial ruin since 1992, often for reasons beyond the control of their supporters."
When asked if the regulator could compel an owner to sell a club deemed unsuitable, Kogan replied, "If your question is, 'would we intervene in the final instance?' the answer is yes, once we gather the evidence and understand the situation."
However, Kogan emphasized that forcing owners to sell clubs would be a "last resort," and the regulator would prefer to collaborate with them.
"The last thing we want is to intervene with an individual club or owner without first trying to work with them to resolve the challenges they face," Kogan said.
"Yet, the reality is that over the last 20 or 30 years, there have been a few owners who have acted irresponsibly in managing their clubs and ultimately refuse to take responsibility for the future."
'If we get it wrong, extraordinary progress vanishes'
Kogan met with representatives from 110 clubs to outline the remit of the regulator and emphasized that it was a "proactive meeting" with substantial engagement from the National League to the Premier League.
"This role is critically important because if we fail, the remarkable progress made in English football could quickly disappear," Kogan stated.
"What we want to avoid is a significant setback in what has been a huge success story for English football. We need to ensure that the influx of money into the sport continues, as there are no guarantees it will last, which underscores the need for a clear perspective on risk over the next few years."
While the Premier League opposed the establishment of a regulator due to concerns about its impact on the league's competitiveness, Kogan asserted, "I am fully committed to the success and growth of the Premier League as an economic entity.
"I understand the concerns about undermining the Premier League as a premium product of this country. However, following today's meeting, I believe there is a high level of reassurance from the Premier League regarding our intentions."
Kogan is currently facing a "full inquiry" by the Commissioner for Public Appointments after disclosing his financial contributions to the Labour Party in 2020.
The 68-year-old contributed to Lisa Nandy's leadership campaign, as well as that of the current Prime Minister, Sir Keir Starmer.
"I have been completely transparent about my previous political affiliations, and that association ended the moment the select committee approved my appointment," Kogan stated.
"I am no longer involved in any form of politics."