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The Championship club's persistent issues are seen as a "significant problem" and the football regulator is looking to gain the ability to investigate clubs in similar circumstances, its new chair the official has announced.

Through a comprehensive talk, the regulator, who was appointed on Monday, expressed "sympathy" towards the club's followers.

The chairman convened with four fan organizations representing the South Yorkshire club in recent days.

The football club 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 September.

"Clearly Sheffield Wednesday has been a major concern for the league and a significant problem for football," Kogan told.

"The club represents one of the iconic names for the English game and in recent days we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will permit us to bring the club and similar situations submitted for our review if they warrant scrutiny and dealt with."

Financial Struggles and Ownership Situation

The team's struggling chairman Dejphon Chansiri indicated in the summer he would be open to selling the club at their home ground, but he has been unable to finalize an agreement with prospective buyers.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the football authorities in June, stopping Wednesday from completing any recruitment activities for the next three transfer windows, although that restriction was lifted in August.

Official's Viewpoint

The chairman stated: "The position was created for the supporters of Wednesday, Bury or any football club where people are committed to a local institution that has represented their community in numerous instances.

"I completely understand the club's situation, as I do for all the clubs that in modern times have encountered failure, or approached financial ruin, for causes separate from the supporters."

Inquired if the regulator could force an owner to sell a club if they are judged inappropriate, the regulator answered: "If your question is 'would we intervene in the final instance?', the answer is once we collect the information and understand the situation, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be treated as a "last resort" and the authority would rather to cooperate with proprietors.

"Our least desirable course of action is begin intervening in an individual club, an specific proprietor, without being able to work with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the chairman stated.

"In actuality, when you review the record of the game, over the past few decades there have been particular chairmen, not many, but certain individuals who have acted carelessly in the way which they've been managing their organizations and finally decline to assume obligation for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with representatives from 110 clubs to explain the responsibilities of the authority recently and maintained it represented a "progressive gathering" with a "high level of engagement" from the lower divisions to the top flight.

"It's a job that's actually really important, because if errors are made, if the football community fails, the remarkable development accomplished could disappear swiftly," Kogan said.

"Such an outcome is universally undesirable in the realm of domestic football is a huge success story - we've got to keep it going.

"There's an enormous amount of money coming into football and has come into football for the past two decades, because there are no assurances it will continue to come into football, which is among the factors explaining I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."

Elite Division Worries

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 chairman responded: "I completely endorse the achievement and development as an economic entity of the top division.

"I of all people understand the apprehension regarding damaging the division as a high-quality offering of this country. But simultaneously, if you engage with division representatives 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 considerable comfort."

Ideological Links

The regulator remains subject to a "full inquiry" by the public appointments commissioner after he revealed he contributed money to the Labour Party in recent years.

The official donated money 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 have fully disclosed my past party membership [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," Kogan said.

"I currently have no participation in any type of partisan engagement."