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The team's current difficulties represent a a "significant problem" and the football regulator is looking to gain the ability to examine team situations in similar circumstances, the newly appointed chairman David Kogan has stated.

Through a comprehensive talk, the chairman, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.

Kogan met with four supporters' associations representing the South Yorkshire club 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 several different times, including in last month.

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

"The club represents one of the great brands for football in England and recently we have met supporters' organizations.

"We're now looking to get powers... which will enable us to take Wednesday and comparable cases brought to our attention if they need to be investigated and addressed."

Monetary Issues and Ownership Situation

The team's struggling chairman the current owner stated during the off-season he would be open to selling the club at Hillsborough, but he has not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in March and May resulted in restrictions being imposed by the league officials in June, stopping Wednesday from completing any recruitment activities for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Authority's Position

The chairman stated: "The position was created for the supporters of Wednesday, other clubs in similar situations where supporters are loyal to a regional establishment that has represented their community in many cases.

"I fully appreciate Sheffield Wednesday, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for causes separate from the followers."

When asked if the regulator could force an owner to sell a club if they are considered unfit, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we collect the information and understand the situation, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.

"The final option we would consider is commence engagement with an specific team, an individual owner, without having the opportunity to collaborate with that chairman to fix the challenges confronting the team and the proprietor's dealing with," Kogan said.

"However, realistically, when you look back over the history of football, over the past few decades there have been certain proprietors, not many, 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 coming years."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged delegates from multiple organizations to detail the scope of the authority recently and insisted it was a "forward-thinking discussion" with a "high level of engagement" from the National League to the Premier League.

"It's a job that's actually really important, because if errors are made, if the world of football gets it wrong, the extraordinary progress that's been made 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.

"Considerable investment coming into football and has been channeled for the last 20 or 25 years, 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

Elite division representatives objected to the creation of a regulator because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I completely endorse the prosperity and expansion as an financial organization of the top division.

"I of all people understand the worry about compromising the top flight as an elite competition of this country. But simultaneously, if you consult with top flight officials after today's meeting, they would have had a high level of reassurance -and, in fact, they have been informing us confidentially they have a significant confidence."

Political Connections

Kogan is still facing a "comprehensive investigation" by the Commissioner for Public Appointments after he disclosed making donations to the opposition group in the past.

The chairman donated money to government minister Lisa Nandy's leadership campaign, along with that of the government leader.

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

"I am presently disconnected from any form of political activity."