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The team's current difficulties constitute a "significant problem" and the new football authority is looking to gain the ability to investigate clubs in similar circumstances, the recently named head David Kogan has announced.

Through a comprehensive talk, the chairman, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

The chairman convened with four supporters' associations representing the South Yorkshire club recently.

The team have been experiencing difficulties in multiple areas in the current year, with the club missing wage payments on multiple instances, including in the autumn.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a substantial concern for English football," Kogan told.

"The club represents one of the great brands for football in England and in recent days we have met fan representatives.

"Our aim is to acquire the ability... which will enable us to take Wednesday and comparable cases referred to us if they require examination and dealt with."

Financial Struggles and Ownership Situation

The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be willing to sell up at their home ground, but he has not been able to secure a deal with interested parties.

Delayed salary payments on time in earlier this year led to sanctions by the English Football League (EFL) in mid-year, preventing the club from carrying out any player acquisitions for the next three transfer windows, although the ban was rescinded in August.

Authority's Position

Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, teams facing challenges where supporters are loyal to a community organization that has existed throughout their lifetimes in numerous instances.

"I have absolute sympathy for the club's situation, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for causes separate from the followers."

Questioned about whether the regulator could force an chairman to relinquish a club if they are judged inappropriate, Kogan said: "When asking whether 'would we intervene in the final instance?', the reply is once we assemble the facts and know what's going on, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to collaborate with owners.

"The final option we would consider is start getting involved with an specific team, an specific proprietor, without being able to work with that chairman to fix the challenges confronting the team and the chairman's encountering," the regulator explained.

"However, realistically, when you look back over the history of the sport, over the recent generations there have been some owners, a small minority, but some who have been irresponsible in the way which they've been managing their organizations and finally refuse to accept accountability for the future."

'Errors may undo substantial development'

The chairman convened with officials from numerous teams to explain the responsibilities of the oversight body this week and insisted it was a "forward-thinking discussion" with a "high level of engagement" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the significant advances achieved necessary will vanish swiftly," the regulator warned.

"Such an outcome is universally undesirable in the terms of English football is a huge success story - we must maintain momentum.

"There's an enormous amount of money flowing into the game and has been invested for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."

Premier League Concerns

The Premier League opposed the establishment of an oversight body because of fears of a negative impact on the elite division's competitive balance, but the regulator stated: "I fully support the success and growth as an commercial operation of the Premier League.

"As someone who appreciates the worry about compromising the division as a high-quality offering of the nation. But simultaneously, if you consult with top flight officials after today's meeting, they would have had a high level of reassurance -and, actually, they have been telling us in private they have a significant confidence."

Ideological Links

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

The 68-year-old donated money to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.

"I have fully disclosed my previous political affiliation [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."