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The team's ongoing struggles represent a a "significant problem" and the football regulator is seeking powers to investigate clubs in comparable cases, the recently named head David Kogan has declared.

Through a comprehensive talk, the chairman, who was named to the position this week, voiced concern towards Wednesday's fanbase.

The regulator engaged with four supporter groups associated with the Championship side in recent days.

The team have been struggling on and off the field in this season, with the club failing to pay players on time on five separate occasions, including in last month.

"Obviously the club has become a major concern for the league and a significant problem for football," the regulator explained.

"Wednesday stands as one of the great brands for the English game and recently we have met supporters' organizations.

"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs brought to our attention if they require examination and dealt with."

Monetary Issues and Proprietorship Status

Wednesday's embattled owner the Thai businessman indicated in the summer he would be open to selling the club at Hillsborough, but he has not been able to secure a deal with prospective buyers.

Missed wage deadlines on time in spring months caused limitations by the league officials in summer, 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 regulator explained: "Our role exists to serve the Owls followers, teams facing challenges where supporters are loyal to a local institution that has represented their community in multiple situations.

"I completely understand Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the fans themselves."

Inquired if the authority might compel an proprietor to divest a club if they are considered unfit, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we gather the evidence and understand the situation, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to collaborate with owners.

"The last thing what we want to do is begin intervening in an particular organization, an particular chairman, without being able to work with that chairman to fix the problems affecting the organization and the proprietor's dealing with," the chairman stated.

"In actuality, when you review the record of football, over the recent generations there have been particular chairmen, not many, but particular people who have shown negligence in the approach they have taken toward their organizations and finally don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

Kogan met with delegates from multiple organizations to lay out the remit of the oversight body this week and stated it constituted a "forward-thinking discussion" with a "high level of engagement" from the grassroots to elite level.

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

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

"Substantial financial resources entering the sport and has been invested for the recent generations, because there's no guarantee it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on challenges and obviously, of the next two or three years."

Premier League Concerns

Elite division representatives objected to the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the achievement and development as an financial organization of the top division.

"As someone who appreciates the concern of undermining the Premier League as a premium product of England. But at the same time, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, in fact, they have been advising us privately they have a high level of reassurance."

Political Connections

The regulator remains subject to a "full inquiry" by the official appointments authority after he revealed he contributed money to the opposition group in recent years.

The chairman 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've been completely open about my former ideological connection [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the regulator explained.

"I am no longer involved in any type of partisan engagement."