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The Championship club's ongoing struggles represent a a "major concern" and the new football authority is seeking powers to look into club affairs in similar circumstances, the newly appointed chairman the regulator has declared.

During an extensive discussion, the chairman, who was recently selected, voiced concern towards the club's followers.

The chairman convened with four supporters' associations connected to the South Yorkshire club in recent days.

The team have been struggling on and off the field in the current year, with the club failing to pay players on time on several different times, including in September.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a substantial concern for English football," the regulator explained.

"Wednesday stands as one of the historic institutions for English football and recently we have met supporters' organizations.

"Our aim is to acquire the ability... which will allow us to have the club and similar situations referred to us if they need to be investigated and addressed."

Economic Challenges and Leadership Concerns

Wednesday's embattled owner the current owner stated during the off-season he would be open to selling the club at the stadium, but he has been unable to finalize an agreement with interested parties.

Delayed salary payments on time in spring months caused limitations 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.

Regulator's Perspective

The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where people are committed to a regional establishment that has been part of their lives in many cases.

"I have absolute sympathy for the club's situation, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the followers."

Inquired if the regulator could force an owner to sell a club if they are considered unfit, the regulator answered: "When asking whether '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 compelling proprietors to divest clubs would be considered the final option and the oversight body would choose to collaborate with owners.

"The final option we would consider is begin intervening in an individual club, an individual owner, without being able to work with that chairman to fix the problems affecting the organization and the proprietor's dealing with," Kogan said.

"But the truth is, when you review the record of football, over the recent generations there have been some owners, not many, but some who have been irresponsible in the approach they have taken toward their organizations and finally don't wish to take responsibility for the coming years."

'Errors may undo substantial development'

Kogan met with officials from numerous teams to explain the responsibilities of the oversight body this week and insisted it was a "proactive meeting" with a "significant participation" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the significant advances achieved could disappear rapidly," Kogan said.

"Such an outcome is universally undesirable 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 last 20 or 25 years, because certainty is lacking it will keep flowing into the sport, which is among the factors explaining I think we have to take a really clear view on challenges and obviously, of the coming seasons."

Premier League Concerns

Top flight officials resisted the formation of an authority because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but Kogan said: "I fully support the prosperity and expansion as an economic entity of the elite league.

"I of all people understand the worry about compromising the top flight as an elite competition of this country. But at the same time, if you talk to the Premier League after the recent gathering, they would have had a high level of reassurance -and, in fact, they have been telling us in private they have a significant confidence."

Partisan Associations

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

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

"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 regulator explained.

"I currently have no participation in any type of partisan engagement."