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The Championship club's persistent issues constitute a "serious issue" and the football regulator is looking to gain the ability to look into club affairs in similar circumstances, the newly appointed chairman David Kogan has announced.

In a wide-ranging interview, Kogan, who was recently selected, expressed "sympathy" towards supporters of the Owls.

The chairman convened with four supporter groups connected to the football team this week.

The team have been struggling on and off the field in the current year, with the club delaying salary disbursements on five separate occasions, including in September.

"Evidently Wednesday represents 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 Sheffield Wednesday supporters' groups.

"We are seeking authority... which will allow us to have Wednesday and comparable cases submitted for our review if they need to be investigated and acted upon."

Financial Struggles and Proprietorship Status

The team's struggling chairman the current owner indicated in the summer he would be open to selling the club at the stadium, but he has failed to complete a sale with interested parties.

Delayed salary payments on time in earlier this year caused limitations by the football authorities in June, preventing the club from carrying out any player acquisitions for the subsequent signing windows, although those limitations were removed in late summer.

Regulator's Perspective

The chairman stated: "Our role exists to serve the Owls followers, Bury or any football club where people are committed to a local institution that has existed throughout their lifetimes in many cases.

"I have absolute sympathy for Sheffield Wednesday, as I do for each organization that since 1992 have gone to the wall, or been close to going to the wall, for factors unrelated to the followers."

Inquired if the authority might compel an proprietor to divest a club if they are deemed unsuitable, the regulator answered: "If your question is 'would we intervene in the final instance?', the reply is once we assemble the facts and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"The last thing what we want to do is start getting involved with an specific team, an individual owner, without being able to work with that owner to try and resolve the problems affecting the organization and the owner's facing," the regulator explained.

"But the truth is, when you examine the past of football, over the recent generations there have been particular chairmen, few in number, but some who have been irresponsible in the manner they have operated their organizations and finally don't wish to take responsibility for the long-term prospects."

'Errors may undo substantial development'

Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and maintained it represented a "proactive meeting" with a "substantial involvement" from the National League to the Premier League.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the significant advances achieved might evaporate swiftly," Kogan said.

"And that's what nobody wants in the terms of English football is a substantial accomplishment - we must maintain momentum.

"Considerable investment entering the sport and has been channeled for the last 20 or 25 years, because there's no guarantee it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the next two or three years."

Elite Division Worries

Top flight officials resisted the creation of a regulator because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the chairman responded: "I'm absolutely committed to the success and growth as an commercial operation of the Premier League.

"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of the nation. But at the same time, if you consult with top flight officials after the recent gathering, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a high level of reassurance."

Ideological Links

The regulator remains subject to a "thorough examination" by the official appointments authority after he disclosed making donations to the political party in the past.

The 68-year-old contributed funds to Culture Secretary Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"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 am no longer involved in any form of political activity."