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The Championship club's current difficulties are seen as a "significant problem" and the new football authority is aiming to acquire authority to investigate clubs in such situations, the recently named head David Kogan has declared.

During an extensive discussion, the regulator, who was recently selected, voiced concern towards Wednesday's fanbase.

The chairman convened with four fan organizations associated with the Championship side this week.

The team have been facing challenges both on and off the pitch in the current year, 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 major challenge for the sport," Kogan told.

"Sheffield Wednesday is one of the historic institutions for football in England and recently we have met fan representatives.

"We're now looking to get powers... which will permit us to bring Sheffield Wednesday - and other clubs submitted for our review if they warrant scrutiny and dealt with."

Monetary Issues and Proprietorship Status

The team's struggling chairman Dejphon Chansiri suggested earlier this year he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with interested parties.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the football authorities in mid-year, stopping Wednesday from completing any transfers or loans for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Official's Viewpoint

Kogan said: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where supporters are loyal to a regional establishment that has existed throughout their lifetimes in many cases.

"I completely understand Sheffield Wednesday, as I do for all the clubs that over recent decades have faced collapse, or approached financial ruin, for causes separate from the supporters."

When asked if the authority might compel an chairman to relinquish a club if they are judged inappropriate, the chairman responded: "When asking whether 'would we intervene in the final instance?', the reply is once we collect the information and understand the situation, we will."

But the regulator clarified that forcing owners to sell clubs would be considered the final option and the authority would rather to cooperate with proprietors.

"The last thing what we want to do is start getting involved with an individual club, an individual owner, without being able to work with that owner to try and resolve the issues that the club's facing and the owner's facing," Kogan said.

"But the truth is, when you look back over the history of the sport, over the recent generations there have been particular chairmen, not many, but particular people who have shown negligence in the manner they have operated their teams and eventually don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

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

"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.

"Such an outcome is universally undesirable in the terms of English football is a major achievement - we need to continue the progress.

"There's an enormous amount of money flowing into the game and has come into football for the last 20 or 25 years, 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 potential dangers and naturally, of the coming seasons."

Top Flight Apprehensions

Top flight officials resisted the establishment of an oversight body because of fears of a negative impact 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 top division.

"I of all people understand the concern of undermining the division as a high-quality offering of the nation. But simultaneously, if you engage with division representatives after the recent gathering, they would have had a significant degree of comfort -and, indeed, they have been telling us in private they have a considerable comfort."

Political Connections

The regulator remains subject to a "thorough examination" by the public appointments commissioner after he revealed he contributed money to the political party in the past.

The 68-year-old donated money to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, 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 party membership ceased the day the official body endorsed my nomination," Kogan said.

"I currently have no participation in any type of partisan engagement."