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The team's current difficulties represent a a "significant problem" and the football regulator is aiming to acquire authority to investigate clubs in such situations, the newly appointed chairman David Kogan has declared.

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

Kogan met with four fan organizations connected to the South Yorkshire club this week.

The football club have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time 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.

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

"We are seeking authority... which will permit us to bring Sheffield Wednesday - and other clubs submitted for our review if they warrant scrutiny and addressed."

Financial Struggles and Proprietorship Status

The team's struggling chairman the Thai businessman indicated in the summer he would be willing to sell up at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Delayed salary payments on time in spring months led to sanctions by the English Football League (EFL) in summer, stopping Wednesday from completing any player acquisitions for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the Owls followers, teams facing challenges where supporters are loyal to a community organization that has been part of their lives in many cases.

"I have absolute sympathy for Sheffield Wednesday, as I do for each organization that in modern times have encountered failure, or been close to going to the wall, for reasons that have nothing to do with the followers."

When asked if the authority might compel an owner to sell a club if they are judged inappropriate, 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 oversight body would choose to work with them.

"The last thing what we want to do is commence engagement with an specific team, an particular chairman, without having the opportunity to collaborate with that chairman to fix the issues that the club's facing and the owner's facing," Kogan said.

"But the truth is, when you look back over the history of the sport, over the last 20 or 30 years there have been some owners, not many, but certain individuals who have acted carelessly in the approach they have taken toward their organizations and finally refuse to accept accountability for the future."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to detail the scope of the authority recently and maintained it represented a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the sport makes errors, the remarkable development accomplished might evaporate swiftly," the regulator warned.

"Such an outcome is universally undesirable in the terms of English football is a major achievement - we need to continue the progress.

"Substantial financial resources coming into football and has come into football for the past two decades, because there's no guarantee it will continue to come into football, 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

The Premier League opposed the formation of an authority because of fears of a negative impact on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an economic entity of the elite league.

"As someone who appreciates the apprehension regarding damaging the Premier League as a premium product of this country. But simultaneously, if you consult with top flight officials after the recent gathering, 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 regulator remains subject to a "full inquiry" by the Commissioner for Public Appointments after he acknowledged providing funds to the opposition group in the past.

The chairman provided financial support for Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.

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