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The Championship club's ongoing struggles represent a a "serious issue" and the independent regulator is seeking powers to look into club affairs in such situations, its new chair the regulator has stated.

Through a comprehensive talk, the chairman, who was named to the position this week, showed understanding towards supporters of the Owls.

The chairman convened with four supporters' associations connected to the Championship side in recent days.

The football club have been struggling on and off the field in this season, with the club failing to pay players on time on several different times, including in last month.

"Clearly Sheffield Wednesday has been a major concern for the league and a major challenge for the sport," the chairman stated.

"The club represents one of the historic institutions for English football and this week we have met supporters' organizations.

"Our aim is to acquire the ability... which will permit us to bring the club and similar situations referred to us if they warrant scrutiny and acted upon."

Monetary Issues and Ownership Situation

The club's controversial proprietor the current owner suggested earlier this year he would be open to selling the club at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the football authorities in June, preventing the club from carrying out any player acquisitions for the next three transfer windows, although those limitations were removed in the end of the transfer window.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where fans are dedicated to a community organization that has existed throughout their lifetimes in multiple situations.

"I fully appreciate the team's plight, as I do for every team that in modern times have encountered failure, or approached financial ruin, for reasons that have nothing to do with the fans themselves."

Inquired if the regulator could force an owner to sell a club if they are deemed unsuitable, the regulator answered: "When asking whether 'would we intervene in the final instance?', the response would be once we collect the information and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish 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 commence engagement with an individual club, an individual owner, without being able to work with that chairman to fix the issues that the club's facing and the owner's facing," Kogan said.

"However, realistically, when you look back over the history of the sport, over the recent generations there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the approach they have taken toward their organizations and finally don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

Kogan met with delegates from multiple organizations to lay out the remit of the oversight body this week and stated it constituted a "proactive meeting" with a "significant participation" from the lower divisions to the top flight.

"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made might evaporate rapidly," Kogan said.

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

"Substantial financial resources coming into football and has come into football for the recent generations, because certainty is lacking it will keep flowing into the sport, which is among the factors explaining I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."

Top Flight Apprehensions

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I fully support the success and growth as an commercial operation of the top division.

"I of all people understand the apprehension regarding damaging the top flight as an elite competition of England. But concurrently, if you talk to the Premier League after today's meeting, they would have had a significant degree of comfort -and, actually, they have been advising us privately they have a considerable comfort."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in the past.

The chairman provided financial support for Culture Secretary the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my former ideological connection [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.

"I currently have no participation in any form of political activity."