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The Championship club's current difficulties represent a a "significant problem" and the new football authority is looking to gain the ability to examine team situations in comparable cases, its new chair the regulator has stated.

During an extensive discussion, the chairman, who was appointed on Monday, voiced concern towards the club's followers.

The chairman convened with four supporters' associations connected to the Championship side recently.

The team have been struggling on and off the field in this season, with the club missing wage payments on multiple instances, including in September.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a major challenge for the sport," the regulator explained.

"The club represents one of the great brands for football in England and this week we have met fan representatives.

"We're now looking to get powers... which will enable us to take the club and similar situations brought to our attention if they need to be investigated and acted upon."

Financial Struggles and Ownership Situation

Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be open to selling the club at their home ground, but he has not been able to secure a deal with prospective buyers.

Missed wage deadlines on time in earlier this year led to sanctions by the English Football League (EFL) in June, stopping Wednesday from completing any recruitment activities for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Regulator's Perspective

The chairman stated: "The job [of the regulator] is there for the fans of Sheffield Wednesday, teams facing challenges where people are committed to a community organization that has represented their community in numerous instances.

"I have absolute sympathy for the team's plight, as I do for every team that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the fans themselves."

Inquired if the oversight body could require an owner to sell a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the answer is once we gather the evidence and comprehend the circumstances, we will."

But the chairman emphasized that forcing owners to sell clubs would be viewed as the ultimate measure and the authority would rather to collaborate with owners.

"The final option we would consider is commence engagement with an particular organization, an particular chairman, without being in a position to cooperate with that proprietor to address the challenges confronting the team and the proprietor's dealing with," the regulator explained.

"However, realistically, when you review the record of football, over the last 20 or 30 years 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 decline to assume obligation for the future."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with representatives from 110 clubs to explain the responsibilities of the oversight body this week and stated it constituted a "forward-thinking discussion" with a "high level of engagement" from the National League to the Premier League.

"The role holds considerable importance, because if errors are made, if the sport makes errors, the extraordinary progress that's been made could disappear rapidly," Kogan said.

"Such an outcome is universally undesirable in the terms of English football is a huge success story - we've got to keep it going.

"Considerable investment coming into football and has come into football for the last 20 or 25 years, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the next two or three years."

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 achievement and development as an financial organization of the Premier League.

"As someone who appreciates the apprehension regarding damaging the Premier League as a premium product of this country. But simultaneously, if you engage with division representatives after today's meeting, 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 chairman continues to confront a "thorough examination" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in the past.

The official provided financial support for Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.

"I have fully disclosed my previous political affiliation [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the regulator explained.

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