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The Championship club's ongoing struggles represent a a "serious issue" and the football regulator is seeking powers to investigate clubs in similar circumstances, the newly appointed chairman David Kogan has stated.

During an extensive discussion, the chairman, who was named to the position this week, showed understanding towards Wednesday's fanbase.

Kogan met with four supporters' associations representing the football team recently.

The football club have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on five separate occasions, including in the autumn.

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

"Sheffield Wednesday is one of the great brands for football in England and in recent days we have met supporters' organizations.

"Our aim is to acquire the ability... which will allow us to have Wednesday and comparable cases referred to us if they warrant scrutiny and acted upon."

Financial Struggles and Proprietorship Status

Wednesday's embattled owner the Thai businessman suggested earlier this year he would be open to selling the club at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Failure to pay player wages on time in March and May led to sanctions by the English Football League (EFL) in summer, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although that restriction was lifted in August.

Official's Viewpoint

Kogan said: "The position was created for the Owls followers, other clubs in similar situations where supporters are loyal to a regional establishment that has represented their community in numerous instances.

"I completely understand Sheffield Wednesday, as I do for each organization that over recent decades have faced collapse, or been close to going to the wall, for factors unrelated to the fans themselves."

Inquired if the oversight body could require an owner to sell a club if they are judged inappropriate, Kogan said: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and understand the situation, we will."

But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to collaborate with owners.

"The last thing what we want to do is begin intervening in an individual club, an individual owner, without having the opportunity to collaborate with that proprietor to address the issues that the club's facing and the owner's facing," the regulator explained.

"However, realistically, when you examine the past of the game, over the last 20 or 30 years there have been particular chairmen, few in number, but some who have been irresponsible in the manner they have operated their teams and eventually decline to assume obligation for the future."

'Errors may undo substantial development'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the regulator on Wednesday and stated it constituted a "progressive gathering" with a "substantial involvement" from the grassroots to elite level.

"The role holds considerable importance, because should mistakes occur, if the sport makes errors, the remarkable development accomplished necessary will vanish rapidly," Kogan said.

"Such an outcome is universally undesirable in the terms of English football is a major achievement - we need to continue the progress.

"Substantial financial resources entering the sport and has been invested for the last 20 or 25 years, 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 potential dangers and naturally, of the coming seasons."

Top Flight Apprehensions

Top flight officials resisted the formation of an authority because of fears of a negative impact on the top-flight's competitiveness, but the chairman responded: "I completely endorse the success and growth as an economic entity of the Premier League.

"Being fully aware of the apprehension regarding damaging the Premier League as a premium product of this country. But at the same time, if you engage with division representatives after the recent gathering, they would have had a substantial amount of confidence -and, in fact, they have been advising us privately they have a high level of reassurance."

Ideological Links

The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money 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 fully disclosed my past party membership [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," Kogan said.

"I am presently disconnected from any type of partisan engagement."