English football's new independent regulator has outlined plans for a tougher owners’ and director's test which might allow them to remove Sheffield Wednesday chairman/owner Dejphon Chansiri.

Although the plans are the first powers the regulator is consulting on, it will be late this year at the earliest before they come into effect.

The London Owls and Sheffield Wednesday Supporters Trust marked the club's 158th birthday by protesting against Chansiri's ownership outside Thailand's UK embassy building on Thursday.

The Owls have been under four transfer embargoes this summer after being late paying wages in four of the last six months, as well as not keeping up to date with payments to HMRC and other clubs.

The embargoes have been lifted at great footballing costs with players sold for cut prices, others leaving on free transfers, and only being allowed to loan two new players. They lost manager Danny Rohl and his coaching staff – except for Henrik Pedersen, his successor.

They have one point from their first four Championship games, yet have reached the third round of the League Cup, where they will play Grimsby Town on September 16.

Chansiri passed the Football League’s owners’ and director's test when he bought Wednesday 10 years ago and although the rules are considerably stronger now, cannot presently be removed.

The proposed new rules are "significantly" tighter than the leagues’ tests, and allow for greater due diligence. There is wider criteria to protect against clubs being used for criminal funding – not an accusation levelled against Chansiri.

PROTEST: Supporters have been protesting against Dejphon Chansiri's ownership at Sheffield Wednesday matches and elsewhere (Image: Carl Recine/Getty Images)

placeholder image — PROTEST: Supporters have been protesting against Dejphon Chansiri's ownership at Sheffield Wednesday matches and elsewhere (Image: Carl Recine/Getty Images)

Owners will not be tested again unless concerns are raised with the regulator. Fines and public censures can be applied, and in extreme cases owners can be required to sell up.

The public, fan groups, clubs, governing bodies and related businesses are invited to participate in the consultation, which will run until October 6.

The regulator will publish its response later this year with the aim of going live as soon as possible.

Further consultations on issues including fan engagement, licensing and financial regulation are planned.