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The Championship club's persistent issues represent a a "significant problem" and the football regulator is looking to gain the ability to examine team situations in similar circumstances, the recently named head David Kogan has stated.

During an extensive discussion, the regulator, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.

The regulator engaged with four fan organizations connected to the Championship side recently.

The football club have been struggling on and off the field in this season, with the club delaying salary disbursements on five separate occasions, including in September.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a major challenge for the sport," the chairman stated.

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

"Our aim is to acquire the ability... which will permit us to bring Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and dealt with."

Financial Struggles and Leadership Concerns

The club's controversial proprietor the Thai businessman stated during the off-season he would be open to selling the club at their home ground, but he has not been able to secure a deal with potential new owners.

Delayed salary payments on time in earlier this year led to sanctions by the football authorities in mid-year, blocking the team from conducting any recruitment activities for the following recruitment periods, although those limitations were removed in late summer.

Official's Viewpoint

The regulator explained: "The position was created for the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a regional establishment that has existed throughout their lifetimes in many cases.

"I fully appreciate the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for reasons that have nothing to do with the fans themselves."

Questioned about whether the authority might compel an proprietor to divest a club if they are deemed unsuitable, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be considered the final option and the oversight body would choose to work with them.

"The last thing what we want to do is start getting involved with an individual club, an individual owner, without being in a position to cooperate with that proprietor to address the problems affecting the organization and the proprietor's dealing with," Kogan said.

"In actuality, when you examine the past of the game, over the last 20 or 30 years there have been some owners, few in number, but particular people who have shown negligence in the manner they have operated their teams and eventually decline to assume obligation for the coming years."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and insisted it was a "forward-thinking discussion" with a "significant participation" from the lower divisions to the top flight.

"The role holds considerable importance, because if errors are made, if the football community fails, the significant advances achieved could disappear rapidly," Kogan said.

"And that's what nobody wants in the realm of domestic football is a huge success story - we've got to keep it going.

"Considerable investment entering the sport and has been invested for the recent generations, because certainty is lacking it will keep flowing into the sport, which is part of the rationale behind I think we have to take a really clear view on risk and of course, of the next two or three years."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the regulator stated: "I fully support the prosperity and expansion as an commercial operation of the elite league.

"As someone who appreciates the concern of undermining the division as a high-quality offering of England. But simultaneously, if you talk to the Premier League after this week's discussion, they would have had a substantial amount of confidence -and, actually, they have been informing us confidentially they have a considerable comfort."

Political Connections

The chairman continues to confront a "comprehensive investigation" by the official appointments authority after he acknowledged providing funds to the political party in recent years.

The 68-year-old donated money to Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my past party membership [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the chairman stated.

"I am no longer involved in any form of political activity."