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The Championship club's current difficulties constitute a "major concern" 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.

Through a comprehensive talk, Kogan, who was appointed on Monday, voiced concern towards Wednesday's fanbase.

The chairman convened with four fan organizations associated with the Championship side in recent days.

The team have been struggling on and off the field in this season, with the club failing to pay players on time on multiple instances, including in last month.

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

"Wednesday stands as one of the great brands for English football and recently we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will permit us to bring Wednesday and comparable cases brought to our attention if they need to be investigated and dealt with."

Economic Challenges and Proprietorship Status

The club's controversial proprietor the current owner stated during the off-season he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Failure to pay player wages on time in spring months resulted in restrictions being imposed by the league officials in summer, stopping Wednesday from completing any recruitment activities for the following recruitment periods, although those limitations were removed in late summer.

Official's Viewpoint

Kogan said: "Our role exists to serve the Owls followers, teams facing challenges where people are committed to a regional establishment that has been part of their lives in multiple situations.

"I completely understand the team's plight, as I do for each organization that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the supporters."

When asked if the authority might compel an owner to sell a club if they are judged inappropriate, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we collect the information and know what's going on, we will."

But the chairman emphasized that forcing owners to sell clubs would be considered the final option and the oversight body would choose to work with them.

"Our least desirable course of action is commence engagement with an particular organization, an particular chairman, without being in a position to cooperate 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 look back over the history of football, over the last 20 or 30 years there have been particular chairmen, few in number, but some who have been irresponsible in the way which they've been managing their teams and eventually don't wish to take responsibility for the long-term prospects."

'Mistakes could erase significant advances'

Kogan met with delegates from multiple organizations to lay out the remit of the regulator on Wednesday and stated it constituted a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because if errors are made, if the world of football gets it wrong, the remarkable development accomplished could disappear swiftly," the regulator warned.

"This represents everyone's worst fear in the context of the English game is a major achievement - we need to continue the progress.

"There's an enormous amount of money coming into football and has been channeled for the past two decades, because certainty is lacking it will continue to come into football, which is part of the rationale behind I think we have to take a really clear view on risk and of course, of the coming seasons."

Elite Division Worries

Elite division representatives objected to the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but the regulator stated: "I'm absolutely committed to the success and growth as an economic entity of the top division.

"I of all people understand the apprehension regarding damaging the top flight as an elite competition of England. But at the same time, if you consult with top flight officials after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been informing us confidentially they have a significant confidence."

Partisan Associations

The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the political party in the past.

The official contributed funds to Culture Secretary Lisa Nandy's leadership campaign, along with that of the government leader.

"I've been completely open about my past party membership [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the chairman stated.

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