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The Championship club's ongoing struggles represent a a "serious issue" and the football regulator is seeking powers to investigate clubs in comparable cases, the newly appointed chairman David Kogan has declared.

Through a comprehensive talk, the chairman, who was appointed on Monday, voiced concern towards supporters of the Owls.

The regulator engaged with four fan organizations representing the football team this week.

The team have been facing challenges both on and off the pitch in this season, with the club missing wage payments on five separate occasions, including in September.

"Obviously the club has become a significant problem for EFL and a significant problem for football," Kogan told.

"The club represents one of the iconic names for the English game and this week we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will allow us to have the club and similar situations submitted for our review if they require examination and dealt with."

Financial Struggles and Ownership Situation

Wednesday's embattled owner Dejphon Chansiri stated during the off-season he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in summer, blocking the team from conducting any recruitment activities for the next three transfer windows, although that restriction was lifted in August.

Regulator's Perspective

Kogan said: "The position was created for the Owls followers, other clubs in similar situations where supporters are loyal to a community organization that has existed throughout their lifetimes in numerous instances.

"I completely understand Sheffield Wednesday, as I do for each organization that over recent decades have faced collapse, or approached financial ruin, for reasons that have nothing to do with the fans themselves."

Inquired if the regulator could force an owner to sell a club if they are considered unfit, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we collect the information and comprehend the circumstances, we will."

But the regulator clarified that forcing owners to sell 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 commence engagement with an specific team, an specific proprietor, without being able to work with that chairman to fix the issues that the club's facing and the owner's facing," Kogan said.

"However, realistically, when you review the record of football, over the last 20 or 30 years there have been some owners, few in number, but some who have been irresponsible in the manner they have operated their teams and eventually refuse to accept accountability for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged officials from numerous teams to explain the responsibilities of the oversight body this week and stated it constituted a "proactive meeting" with a "significant participation" from the National League to the Premier League.

"It's a job that's actually really important, because if errors are made, if the sport makes errors, the extraordinary progress that's been made might evaporate incredibly quickly," Kogan said.

"Such an outcome is universally undesirable in the context of the English game is a major achievement - we've got to keep it going.

"Substantial financial resources flowing into the game and has come into football for the past two decades, because certainty is lacking it will persist in entering the game, which is part of the rationale behind I think we have to adopt a precise perspective on potential dangers and naturally, of the coming seasons."

Premier League Concerns

Top flight officials resisted the establishment of an oversight body because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I fully support the prosperity and expansion as an financial organization of the Premier League.

"As someone who appreciates the concern of undermining the Premier League as a premium product of England. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a considerable comfort."

Ideological Links

Kogan is still facing a "comprehensive investigation" by the public appointments commissioner after he acknowledged providing funds to the political party in recent years.

The official donated money to Culture Secretary the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the select committee approved my appointment," the regulator explained.

"I am presently disconnected from any form of political activity."