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The Championship club's current difficulties are seen as a "major concern" and the new football authority is looking to gain the ability to look into club affairs in similar circumstances, the newly appointed chairman David Kogan has declared.

In a wide-ranging interview, the regulator, who was recently selected, expressed "sympathy" towards Wednesday's fanbase.

The chairman convened with four supporters' associations associated with the football team in recent days.

The team have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on several different times, including in last month.

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

"Wednesday stands as one of the great brands for the English game and in recent days we have met Sheffield Wednesday supporters' groups.

"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 acted upon."

Monetary Issues and Ownership Situation

The club's controversial proprietor the Thai businessman suggested earlier this year he would be prepared to relinquish control at the stadium, but he has been unable to finalize an agreement with prospective buyers.

Missed wage deadlines on time in March and May caused limitations by the football authorities in mid-year, preventing the club from carrying out any transfers or loans for the subsequent signing windows, although those limitations were removed in August.

Authority's Position

The regulator explained: "Our role exists to serve the supporters of Wednesday, other clubs in similar situations where people are committed to a regional establishment that has existed throughout their lifetimes in many cases.

"I have absolute sympathy for Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the supporters."

When asked if the regulator could force 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 response would be once we gather the evidence and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the regulator would prefer to cooperate with proprietors.

"The final option we would consider is begin intervening in an particular organization, an particular chairman, without being in a position to cooperate with that owner to try and resolve the issues that the club's facing and the proprietor's dealing with," the regulator explained.

"But the truth is, when you look back over the history of the sport, over the past few decades there have been particular chairmen, few in number, but particular people who have shown negligence in the approach they have taken toward their teams and eventually refuse to accept accountability for the long-term prospects."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and stated it constituted a "progressive gathering" with a "significant participation" from the National League to the Premier League.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the significant advances achieved might evaporate swiftly," the regulator warned.

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

"Substantial financial resources flowing into the game and has come into football for the recent generations, because certainty is lacking it will persist in entering the game, which is among the factors explaining I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."

Elite Division Worries

Elite division representatives objected to the creation of a regulator because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an economic entity of the top division.

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of this country. But concurrently, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been advising us privately they have a considerable comfort."

Ideological Links

The chairman continues to confront a "comprehensive investigation" by the Commissioner for Public Appointments after he disclosed making donations to the Labour Party in the past.

The chairman 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 former ideological connection [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the regulator explained.

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