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The Championship club's ongoing struggles are seen as a "significant problem" and the football regulator is seeking powers to look into club affairs in similar circumstances, the recently named head the regulator has announced.

During an extensive discussion, the chairman, who was recently selected, showed understanding towards Wednesday's fanbase.

The chairman convened with four supporter groups representing the football team this week.

The football club have been facing challenges both on and off the pitch in the current year, with the club failing to pay players on time on multiple instances, including in September.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a major challenge for the sport," Kogan told.

"Sheffield Wednesday is one of the iconic names for the English game and this week we have met fan representatives.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they need to be investigated and addressed."

Monetary Issues and Leadership Concerns

The team's struggling chairman Dejphon Chansiri suggested earlier this year he would be willing to sell up at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in spring months led to sanctions by the football authorities in summer, blocking the team from conducting any player acquisitions for the next three transfer windows, although that restriction was lifted in August.

Authority's Position

The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, teams facing challenges where supporters are loyal to a regional establishment that has represented their community in many cases.

"I have absolute sympathy for the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for factors unrelated to the followers."

When asked if 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 answer is once we gather the evidence and know what's going on, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be viewed as the ultimate measure and the authority would rather to collaborate with owners.

"The final option we would consider is commence engagement with an individual club, an particular chairman, without having the opportunity to collaborate with that proprietor to address the challenges confronting the team and the proprietor's dealing with," the chairman stated.

"In actuality, when you examine the past of the sport, over the past few decades there have been some owners, not many, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually refuse to accept accountability for the future."

'Mistakes could erase significant advances'

The chairman convened with delegates from multiple organizations to detail the scope of the authority recently and maintained it represented a "forward-thinking discussion" with a "high level of engagement" from the grassroots to elite level.

"This position carries substantial significance, because if errors are made, if the world of football gets it wrong, the extraordinary progress that's been made necessary will vanish rapidly," the chairman stated.

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

"Substantial financial resources entering the sport and has come into football for the past two decades, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to adopt a precise perspective on challenges and obviously, of the next two or three years."

Premier League Concerns

Top flight officials resisted the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I completely endorse the success and growth as an commercial operation of the top division.

"I of all people understand the concern of undermining the division as a high-quality offering of England. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a significant degree of comfort -and, in fact, they have been informing us confidentially they have a high level of reassurance."

Political Connections

The regulator remains subject to a "full inquiry" by the public appointments commissioner after he acknowledged providing funds to the opposition group in recent years.

The chairman contributed funds to Culture Secretary the minister's leadership bid, along with that of the government leader.

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

"I am presently disconnected from any sort of politics."