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The Championship club's current difficulties are seen as a "significant problem" and the football regulator is aiming to acquire authority to investigate clubs in such situations, the recently named head David Kogan has announced.

In a wide-ranging interview, the chairman, who was recently selected, voiced concern towards supporters of the Owls.

The regulator engaged with four supporters' associations connected to the South Yorkshire club this week.

The football club have been struggling on and off the field in this season, with the club missing wage payments on multiple instances, including in last month.

"Obviously the club has become a serious issue for football authorities and a significant problem for football," the chairman stated.

"The club represents one of the historic institutions for English football and in recent days we have met fan representatives.

"We are seeking authority... which will allow us to have Sheffield Wednesday - and other clubs brought to our attention if they need to be investigated and acted upon."

Economic Challenges and Leadership Concerns

The club's controversial proprietor the current owner indicated in the summer he would be willing to sell up at the stadium, but he has not been able to secure a deal with prospective buyers.

Delayed salary payments on time in earlier this year led to sanctions by the league officials in mid-year, stopping Wednesday from completing any recruitment activities for the following recruitment periods, although that restriction was lifted in August.

Official's Viewpoint

The regulator explained: "Our role exists to serve the supporters of Wednesday, Bury or any football club where supporters are loyal to a local institution that has been part of their lives in multiple situations.

"I have absolute sympathy for Sheffield Wednesday, as I do for each organization that since 1992 have gone to the wall, or approached financial ruin, for factors unrelated to the followers."

When asked if the authority might compel an chairman to relinquish a club if they are judged inappropriate, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we collect the information and comprehend the circumstances, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be treated as a "last resort" and the regulator would prefer to work with them.

"Our least desirable course of action is start getting involved with an individual club, an particular chairman, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the chairman's encountering," the chairman stated.

"However, realistically, when you look back over the history of the game, over the recent generations there have been some owners, not many, but particular people who have shown negligence in the manner they have operated their teams and eventually don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

The regulator engaged delegates from multiple organizations to detail the scope of the authority recently and stated it constituted a "progressive gathering" with a "significant participation" from the National League to the Premier League.

"The role holds considerable importance, because if we get it wrong, if the football community fails, the significant advances achieved necessary will vanish incredibly quickly," the regulator warned.

"And that's what nobody wants in the terms of English football is a major achievement - we need to continue the progress.

"Substantial financial resources entering the sport and has been channeled for the past two decades, because certainty is lacking it will keep flowing into the sport, which is among the factors explaining I think we have to adopt a precise perspective on potential dangers and naturally, of the immediate future."

Premier League Concerns

Elite division representatives objected to the creation of a regulator because of concerns about detrimental effects on the top-flight's competitiveness, but the regulator stated: "I fully support the success and growth as an economic entity of the Premier League.

"I of all people understand the apprehension regarding damaging the division as a high-quality offering of England. But at the same time, if you consult with top flight officials after the recent gathering, they would have had a significant degree of comfort -and, in fact, they have been advising us privately they have a significant confidence."

Political Connections

The chairman continues to confront a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the Labour Party in the past.

The 68-year-old provided financial support for government minister the politician's campaign, along with that of the government leader.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," Kogan said.

"I am no longer involved in any sort of politics."