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The Championship club's ongoing struggles are seen as a "significant problem" and the new football authority is seeking powers to look into club affairs in such situations, the recently named head the regulator has announced.

Through a comprehensive talk, the regulator, who was recently selected, expressed "sympathy" towards the club's followers.

The chairman convened with four fan organizations connected to the football team in recent days.

The Championship side have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on several different times, including in the autumn.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a significant problem for football," the regulator explained.

"Sheffield Wednesday is one of the historic institutions for English football and this week we have met fan representatives.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they warrant scrutiny and acted upon."

Financial Struggles and Ownership Situation

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 potential new owners.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the football authorities in mid-year, blocking the team from conducting any recruitment activities for the next three transfer windows, although that restriction was lifted in the end of the transfer window.

Authority's Position

Kogan said: "The position was created for the fans of Sheffield Wednesday, Bury or any football club where fans are dedicated to a regional establishment that has existed throughout their lifetimes in multiple situations.

"I completely understand the club's situation, as I do for every team that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the fans themselves."

Inquired if the oversight body could require an owner to sell a club if they are deemed unsuitable, Kogan said: "If your question is 'would we intervene in the final instance?', the response would be once we assemble the facts and comprehend the circumstances, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be viewed as the ultimate measure and the authority would rather to work with them.

"The last thing what we want to do is start getting involved with an individual club, an specific proprietor, without having the opportunity to collaborate with that owner to try and resolve the issues that the club's facing and the chairman's encountering," Kogan said.

"In actuality, when you look back over the history of the sport, over the past few decades there have been certain proprietors, few in number, but some who have been irresponsible in the way which they've been managing their organizations and finally don't wish to take responsibility for the future."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with representatives from 110 clubs to lay out the remit of the regulator on Wednesday and maintained it represented a "forward-thinking discussion" with a "high level of engagement" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the extraordinary progress that's been made could disappear incredibly quickly," the chairman stated.

"This represents everyone's worst fear in the context of the English game is a huge success story - we've got to keep it going.

"Considerable investment flowing into the game and has been channeled for the last 20 or 25 years, because there are no assurances it will continue to come into football, which is part of the rationale behind I think we have to adopt a precise perspective on challenges and obviously, of the next two or three years."

Top Flight Apprehensions

Top flight officials resisted the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but the chairman responded: "I'm absolutely committed to the prosperity and expansion as an economic entity of the Premier League.

"Being fully aware of the worry about compromising the Premier League as a premium product of this country. But at the same time, if you engage with division representatives after this week's discussion, they would have had a substantial amount of confidence -and, in fact, they have been advising us privately they have a significant confidence."

Partisan Associations

Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he disclosed making donations to the political party in recent years.

The official donated money to Culture Secretary the politician's campaign, along with that of the government leader.

"I've been completely open about my past party membership [with Labour], and that ideological connection terminated the day the select committee approved my appointment," the chairman stated.

"I am presently disconnected from any type of partisan engagement."