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The Championship club's ongoing struggles are seen as a "serious issue" and the football regulator is looking to gain the ability to examine team situations in comparable cases, the newly appointed chairman David Kogan has declared.

During an extensive discussion, the regulator, who was recently selected, expressed "sympathy" towards supporters of the Owls.

Kogan met with four supporter groups associated with the South Yorkshire club recently.

The team have been struggling on and off the field in the current year, 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," the regulator explained.

"Wednesday stands as one of the great brands for football in England and this week we have met supporters' organizations.

"We are seeking authority... which will permit us to bring Wednesday and comparable cases brought to our attention if they warrant scrutiny and acted upon."

Economic Challenges and Ownership Situation

Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be willing to sell up at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Missed wage deadlines on time in March and May led to sanctions by the league officials in summer, blocking the team from conducting any transfers or loans for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Official's Viewpoint

The chairman stated: "The job [of the regulator] is there for the Owls followers, Bury or any football club where fans are dedicated to a regional establishment that has existed throughout their lifetimes in many cases.

"I fully appreciate the club's situation, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for factors unrelated to the followers."

Inquired if the oversight body could require an proprietor to divest a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and understand the situation, we will."

But Kogan stressed that forcing owners to sell clubs would be considered the final option and the regulator would prefer to work with them.

"The final option we would consider is begin intervening in an particular organization, an individual owner, without being in a position to cooperate with that chairman to fix the problems affecting the organization and the proprietor's dealing with," Kogan said.

"But the truth is, when you review the record of the game, over the past few decades there have been certain proprietors, few in number, but particular people who have shown negligence in the approach they have taken toward their teams and eventually don't wish to take responsibility for the long-term prospects."

'Mistakes could erase significant advances'

The chairman convened with representatives from 110 clubs to explain the responsibilities of the oversight body this week and stated it constituted a "progressive gathering" with a "substantial involvement" from the lower divisions to the top flight.

"This position carries substantial significance, because if we get it wrong, if the world of football gets it wrong, the extraordinary progress that's been made could disappear incredibly quickly," the chairman stated.

"And that's what nobody wants in the realm of domestic football is a substantial accomplishment - we must maintain momentum.

"Substantial financial resources entering the sport and has been invested for the past two decades, because there are no assurances it will keep flowing into the sport, which is among the factors explaining I think we have to take a really clear view on challenges and obviously, of the immediate future."

Elite Division Worries

Elite division representatives objected to the establishment of an oversight body because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the success and growth as an economic entity of the elite league.

"Being fully aware of the apprehension regarding damaging the Premier League as a premium product of the nation. But simultaneously, if you consult with top flight officials after the recent gathering, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he acknowledged providing funds to the political party in 2020.

The official provided financial support for Culture Secretary Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my previous political affiliation [with Labour], and that party membership ceased the day the official body endorsed my nomination," the chairman stated.

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