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The Championship club's persistent issues constitute a "significant problem" and the new football authority is seeking powers to look into club affairs in such situations, its new chair David Kogan has stated.

During an extensive discussion, Kogan, who was appointed on Monday, voiced concern towards supporters of the Owls.

Kogan met with four supporters' associations associated with the South Yorkshire club in recent days.

The Championship side have been facing challenges both on and off the pitch in the current year, with the club delaying salary disbursements on five separate occasions, including in the autumn.

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

"The club represents one of the historic institutions for English football and recently 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 submitted for our review if they need to be investigated and acted upon."

Monetary Issues and Leadership Concerns

Wednesday's embattled owner the Thai businessman stated during the off-season he would be willing to sell up at the stadium, but he has not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in earlier this year led to sanctions by the league officials in mid-year, preventing the club from carrying out any player acquisitions for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Official's Viewpoint

Kogan said: "The job [of the regulator] is there for the Owls followers, Bury or any football club where supporters are loyal to a community organization that has existed throughout their lifetimes 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 nearly ceased operations, for factors unrelated to the supporters."

Inquired if the oversight body could require an owner to sell a club if they are deemed unsuitable, the regulator answered: "If your question is 'would we intervene in the final instance?', the response would be once we assemble the facts and comprehend the circumstances, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be considered the final option and the oversight body would choose to work with them.

"The final option we would consider is begin intervening in an specific team, an particular chairman, without having the opportunity to collaborate with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the regulator explained.

"In actuality, when you look back over the history of the sport, over the recent generations there have been particular chairmen, few in number, but some who have been irresponsible in the manner they have operated their organizations and finally decline to assume obligation for the future."

'Errors may undo substantial development'

The regulator engaged officials from numerous teams to explain the responsibilities of the regulator on Wednesday and stated it constituted a "proactive meeting" with a "high level of engagement" from the grassroots to elite level.

"The role holds considerable importance, because should mistakes occur, if the football community fails, the significant advances achieved could disappear rapidly," Kogan said.

"This represents everyone's worst fear in the context of the English game is a huge success story - we must maintain momentum.

"Considerable investment flowing into the game and has come into football for the last 20 or 25 years, because there's no guarantee it will persist in entering the game, which is part of the rationale behind I think we have to take a really clear view on challenges and obviously, of the immediate future."

Elite Division Worries

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the Premier League's sporting equality, but Kogan said: "I fully support the achievement and development as an financial organization of the Premier League.

"I of all people understand the worry about compromising the Premier League as a premium product of the nation. But simultaneously, if you engage with division representatives after today's meeting, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a considerable comfort."

Ideological Links

The chairman continues to confront a "thorough examination" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in recent years.

The official contributed funds to government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"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 currently have no participation in any form of political activity."