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The Championship club's persistent issues constitute a "significant problem" and the independent regulator is seeking powers to investigate clubs in similar circumstances, the recently named head David Kogan has stated.

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

The chairman convened with four supporter groups representing the football team in recent days.

The Championship side have been struggling on and off the field in the current year, with the club missing wage payments on five separate occasions, including in last month.

"Evidently Wednesday represents a major concern for the league and a significant problem for football," Kogan told.

"Sheffield Wednesday is one of the great brands for English football and this week we have met fan representatives.

"We are seeking authority... which will enable us to take Wednesday and comparable cases referred to us if they need to be investigated and dealt with."

Financial Struggles and Leadership Concerns

The team's struggling chairman the Thai businessman suggested earlier this year he would be prepared to relinquish control at Hillsborough, but he has failed to complete a sale with interested parties.

Delayed salary payments on time in spring months caused limitations by the English Football League (EFL) in mid-year, stopping Wednesday from completing any player acquisitions for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Authority's Position

Kogan said: "The position was created for the supporters of Wednesday, teams facing challenges where supporters are loyal to a community organization that has been part of their lives in many cases.

"I have absolute sympathy for the team's plight, as I do for each organization 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 regulator could force an owner to sell a club if they are considered unfit, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we collect the information and understand the situation, we will."

But the regulator clarified that compelling proprietors to divest clubs would be treated as a "last resort" and the oversight body would choose to cooperate with proprietors.

"The final option we would consider is begin intervening in an particular organization, an particular chairman, without being in a position to cooperate with that chairman to fix the problems affecting the organization and the proprietor's dealing with," Kogan said.

"But the truth is, when you examine the past of the sport, over the past few decades there have been particular chairmen, a small minority, but particular people who have shown negligence in the way which they've been managing their organizations and finally don't wish to take responsibility for the future."

'Errors may undo substantial development'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the authority recently and insisted it was a "forward-thinking discussion" with a "high level of engagement" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the extraordinary progress that's been made necessary will vanish incredibly quickly," the regulator warned.

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

"Considerable investment coming into football and has been invested for the recent generations, because certainty is lacking it will persist in entering the game, which is one of the reasons why I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the top-flight's competitiveness, but Kogan said: "I'm absolutely committed to the achievement and development as an economic entity of the elite league.

"I of all people understand the apprehension regarding damaging the Premier League as a premium product of this country. But concurrently, 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 significant confidence."

Political Connections

Kogan is still facing a "thorough examination" by the public appointments commissioner after he disclosed making donations to the political party in recent years.

The 68-year-old provided financial support for Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the current Prime Minister.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," Kogan said.

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