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The team's ongoing struggles represent a a "significant problem" and the new football authority is seeking powers to investigate clubs in similar circumstances, the newly appointed chairman David Kogan has announced.

In a wide-ranging interview, Kogan, who was recently selected, showed understanding towards supporters of the Owls.

The chairman convened with four supporter groups representing the Championship side in recent days.

The football club have been facing challenges both on and off the pitch in the current year, with the club failing to pay players on time on several different times, including in last month.

"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," the regulator explained.

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

"Our aim is to acquire the ability... which will permit us to bring the club and similar situations brought to our attention if they need to be investigated and dealt with."

Economic Challenges and Proprietorship Status

The team's struggling chairman the Thai businessman indicated in the summer he would be prepared to relinquish control at their home ground, but he has failed to complete a sale with interested parties.

Failure to pay player wages on time in earlier this year led to sanctions by the league officials in June, preventing the club from carrying out any player acquisitions for the following recruitment periods, although the ban was rescinded in late summer.

Regulator's Perspective

The chairman stated: "The position was created for the Owls followers, Bury or any football club where fans are dedicated to a community organization that has represented their community in numerous instances.

"I fully appreciate the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the supporters."

Inquired if the authority might compel an owner to sell a club if they are deemed unsuitable, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we assemble the facts and understand the situation, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be treated as a "last resort" and the regulator would prefer to cooperate with proprietors.

"The last thing what we want to do is start getting involved with an individual club, an particular chairman, without being able to work with that chairman to fix the problems affecting the organization and the chairman's encountering," the chairman stated.

"However, realistically, when you examine the past of football, over the last 20 or 30 years there have been some owners, a small minority, but particular people who have shown negligence in the manner they have operated their teams and eventually decline to assume obligation for the long-term prospects."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to detail the scope of the oversight body this week and stated it constituted a "progressive gathering" with a "high level of engagement" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the remarkable development accomplished necessary will vanish rapidly," Kogan said.

"This represents everyone's worst fear in the realm of domestic football is a huge success story - we must maintain momentum.

"Considerable investment entering the sport and has been invested for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the coming seasons."

Elite Division Worries

Elite division representatives objected to the establishment of an oversight body because of concerns about detrimental effects on the top-flight's competitiveness, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an commercial operation of the Premier League.

"Being fully aware of the worry about compromising the division as a high-quality offering of the nation. But at the same time, if you engage with division representatives 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 considerable comfort."

Political Connections

The chairman continues to confront a "thorough examination" by the public appointments commissioner after he revealed he contributed money to the Labour Party in recent years.

The official provided financial support for government minister Lisa Nandy's leadership campaign, along with that of the government leader.

"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," the chairman stated.

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