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The Championship club's persistent issues constitute a "significant problem" and the new football authority is looking to gain the ability to investigate clubs in comparable cases, its new chair the official has declared.

Through a comprehensive talk, the regulator, who was appointed on Monday, showed understanding towards supporters of the Owls.

The regulator engaged with four supporter groups representing the Championship side 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 the autumn.

"Clearly Sheffield Wednesday has been a major concern for the league and a substantial concern for English football," the regulator explained.

"Wednesday stands as one of the iconic names for the English game and in recent days we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will permit us to bring Sheffield Wednesday - and other clubs referred to us if they require examination and acted upon."

Financial Struggles and Proprietorship Status

The team's struggling chairman the Thai businessman suggested earlier this year he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in mid-year, preventing the club from carrying out any recruitment activities for the subsequent signing windows, although that restriction was lifted in August.

Authority's Position

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, teams facing challenges where people are committed to a regional establishment that has existed throughout their lifetimes in many cases.

"I fully appreciate the team's plight, as I do for every team that since 1992 have gone to the wall, or been close to going to the wall, for reasons that have nothing to do with the followers."

When asked if the oversight body could require an chairman to relinquish a club if they are deemed unsuitable, Kogan said: "When asking whether 'would we intervene in the final instance?', the response would be once we gather the evidence and understand the situation, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to cooperate with proprietors.

"Our least desirable course of action is commence engagement with an individual club, an specific proprietor, without being able to work with that owner to try and resolve the problems affecting the organization and the owner's facing," the chairman stated.

"But the truth is, when you review the record of football, over the recent generations there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the way which they've been managing their organizations and finally refuse to accept accountability for the future."

'Mistakes could erase significant advances'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"The role holds considerable importance, because should mistakes occur, if the world of football gets it wrong, the remarkable development accomplished could disappear swiftly," the chairman stated.

"This represents everyone's worst fear in the realm of domestic football is a substantial accomplishment - we've got to keep it going.

"Considerable investment coming into football and has been channeled for the recent generations, because there's no guarantee it will continue to come into football, which is part of the rationale behind I think we have to adopt a precise perspective on potential dangers and naturally, of the next two or three years."

Premier League Concerns

The Premier League opposed the establishment of an oversight body because of concerns about detrimental effects on the top-flight's competitiveness, but Kogan said: "I fully support the prosperity and expansion as an financial organization of the Premier League.

"As someone who appreciates the concern of undermining the division as a high-quality offering of this country. But concurrently, if you talk to the Premier League after today's meeting, they would have had a significant degree of comfort -and, in fact, they have been informing us confidentially they have a considerable comfort."

Political Connections

Kogan is still facing a "thorough examination" by the public appointments commissioner after he acknowledged providing funds to the political party in the past.

The 68-year-old contributed funds to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that ideological connection terminated the day the select committee approved my appointment," the regulator explained.

"I currently have no participation in any form of political activity."