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The team's ongoing struggles constitute a "major concern" and the football regulator is aiming to acquire authority to look into club affairs in similar circumstances, its new chair David Kogan has declared.

During an extensive discussion, Kogan, who was appointed on Monday, voiced concern towards Wednesday's fanbase.

The regulator engaged with four supporters' associations representing the football team recently.

The Championship side have been struggling on and off the field in this season, with the club failing to pay players on time on multiple instances, including in September.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a significant problem for football," the regulator explained.

"Sheffield Wednesday is one of the iconic names for football in England and this week we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will allow us to have the club and similar situations referred to us if they need to be investigated and addressed."

Economic Challenges and Proprietorship Status

Wednesday's embattled owner the Thai businessman stated during the off-season he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in spring months caused limitations by the English Football League (EFL) in June, stopping Wednesday from completing any transfers or loans for the next three transfer windows, although the ban was rescinded in August.

Authority's Position

Kogan said: "The position was created for the supporters of Wednesday, Bury or any football club where supporters are loyal to a regional establishment that has represented their community in numerous instances.

"I completely understand the team's plight, as I do for each organization that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the fans themselves."

When asked if the oversight body could require an owner to sell a club if they are judged inappropriate, the chairman responded: "When asking whether '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 chairman emphasized that compelling proprietors to divest clubs would be considered the final option and the oversight body would choose to collaborate with owners.

"Our least desirable course of action is begin intervening in an individual club, an particular chairman, without being in a position to cooperate with that proprietor to address the issues that the club's facing and the owner's facing," Kogan said.

"However, realistically, when you look back over the history of the game, over the past few decades there have been certain proprietors, not many, but some who have been irresponsible in the way which they've been managing their clubs and ultimately refuse to accept accountability for the long-term prospects."

'Mistakes could erase significant advances'

The regulator engaged representatives from 110 clubs to lay out the remit of the regulator on Wednesday and maintained it represented a "proactive meeting" with a "high level of engagement" from the grassroots to elite level.

"It's a job that's actually really important, because if we get it wrong, if the football community fails, the significant advances achieved might evaporate incredibly quickly," Kogan said.

"Such an outcome is universally undesirable in the terms of English football is a major achievement - we've got to keep it going.

"Considerable investment entering the sport and has been invested for the past two decades, because certainty is lacking it will persist in entering the game, which is part of the rationale behind I think we have to adopt a precise perspective on risk and of course, of the coming seasons."

Top Flight Apprehensions

The Premier League opposed the creation of a regulator because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I completely endorse the achievement and development as an financial organization of the elite league.

"Being fully aware of the apprehension regarding damaging the division as a high-quality offering of England. But concurrently, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a considerable comfort."

Ideological Links

The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in the past.

The chairman donated money to Culture Secretary the politician's campaign, along with that of the current Prime Minister.

"I have fully disclosed 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."