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The Championship club's ongoing struggles represent a a "serious issue" and the football regulator is aiming to acquire authority to examine team situations in comparable cases, the recently named head David Kogan has stated.

During an extensive discussion, the chairman, who was recently selected, voiced concern towards supporters of the Owls.

Kogan met with four fan organizations connected to the Championship side recently.

The team have been struggling on and off the field in this season, with the club failing to pay players on time 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 regulator explained.

"Sheffield Wednesday is one of the historic institutions for football in England and recently we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will enable us to take Wednesday and comparable cases submitted for our review if they warrant scrutiny and addressed."

Monetary Issues and Proprietorship Status

Wednesday's embattled owner the Thai businessman indicated in the summer he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with potential new owners.

Delayed salary payments on time in March and May caused limitations by the league officials in summer, preventing the club from carrying out any transfers or loans for the following recruitment periods, although that restriction was lifted in the end of the transfer window.

Official's Viewpoint

The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, Bury or any football club where supporters are loyal to a community organization that has represented their community in many cases.

"I completely understand Sheffield Wednesday, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for reasons that have nothing to do with the followers."

When asked if the regulator could force 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 know what's going on, we will."

But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the oversight body would choose to collaborate with owners.

"Our least desirable course of action is start getting involved with an specific team, an particular chairman, without being able to work with that owner to try and resolve the problems affecting the organization and the proprietor's dealing with," the chairman stated.

"In actuality, when you examine the past of football, over the recent generations there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the manner they have operated their clubs and ultimately refuse to accept accountability for the coming years."

'Errors may undo substantial development'

Kogan met with delegates from multiple organizations to lay out the remit of the regulator on Wednesday and stated it constituted a "forward-thinking discussion" with a "substantial involvement" from the National League to the Premier League.

"It's a job that's actually really important, because if we get it wrong, if the football community fails, the remarkable development accomplished might evaporate rapidly," the regulator warned.

"This represents everyone's worst fear in the terms of English football is a substantial accomplishment - we must maintain momentum.

"There's an enormous amount of money entering the sport and has come into football for the past two decades, because there's no guarantee it will continue to come into football, which is part of the rationale behind I think we have to adopt a precise perspective on risk and of course, of the next two or three years."

Top Flight Apprehensions

Elite division representatives objected to the creation of a regulator because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but Kogan said: "I completely endorse the prosperity and expansion as an financial organization of the top division.

"Being fully aware of the apprehension regarding damaging the division as a high-quality offering of this country. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a high level of reassurance -and, in fact, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "comprehensive investigation" by the public appointments commissioner after he acknowledged providing funds to the opposition group in the past.

The 68-year-old provided financial support for Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the current Prime Minister.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," Kogan said.

"I am presently disconnected from any sort of politics."