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The team's persistent issues represent a a "major concern" and the independent regulator is aiming to acquire authority to look into club affairs in such situations, the newly appointed chairman David Kogan has stated.

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

Kogan met with four supporter groups representing the South Yorkshire club this week.

The team have been facing challenges both on and off the pitch in the current year, with the club delaying salary disbursements on several different times, including in the autumn.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a substantial concern for English football," the regulator explained.

"The club represents one of the historic institutions for the English game and recently we have met fan representatives.

"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases brought to our attention if they need to be investigated and dealt with."

Financial Struggles and Ownership Situation

Wednesday's embattled owner the Thai businessman indicated in the summer he would be willing to sell up at Hillsborough, but he has not been able to secure a deal with prospective buyers.

Delayed salary payments on time in earlier this year caused limitations by the football authorities in June, preventing the club from carrying out any recruitment activities for the following recruitment periods, although those limitations were removed in August.

Official's Viewpoint

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where people are committed to a regional establishment that has been part of their lives in multiple situations.

"I completely understand the club's situation, as I do for all the clubs that over recent decades have faced collapse, or approached financial ruin, for causes separate from the supporters."

When asked if the authority might compel an chairman to relinquish a club if they are judged inappropriate, the regulator answered: "If your question is 'would we intervene in the final instance?', the reply is once we gather the evidence and understand the situation, we will."

But Kogan stressed that compelling proprietors to divest clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.

"The last thing what we want to do is begin intervening in an individual club, an particular chairman, without being able to work with that proprietor to address the issues that the club's facing and the proprietor's dealing with," the regulator explained.

"However, realistically, when you look back over the history of the game, over the last 20 or 30 years there have been particular chairmen, few in number, but particular people who have shown negligence in the manner they have operated their teams and eventually decline to assume obligation for the coming years."

'Errors may undo substantial development'

The chairman convened with delegates from multiple organizations to explain the responsibilities of the authority recently and insisted it was a "forward-thinking discussion" with a "significant participation" from the National League to the Premier League.

"This position carries substantial significance, because if we get it wrong, if the football community fails, the significant advances achieved necessary will vanish rapidly," the regulator warned.

"This represents everyone's worst fear in the terms of English football is a substantial accomplishment - we've got to keep it going.

"Substantial financial resources flowing into the game and has come into football for the last 20 or 25 years, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on challenges and obviously, 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 elite division's competitive balance, but the regulator stated: "I completely endorse the achievement and development as an economic entity of the elite league.

"Being fully aware of the worry about compromising the top flight as an elite competition of this country. But concurrently, if you engage with division representatives after the recent gathering, they would have had a significant degree of comfort -and, actually, they have been telling us in private they have a high level of reassurance."

Ideological Links

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he acknowledged providing funds to the Labour Party in the past.

The 68-year-old contributed funds to government minister Lisa Nandy's leadership campaign, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the chairman stated.

"I am no longer involved in any form of political activity."