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The Championship club's ongoing struggles represent a a "significant problem" and the independent regulator is looking to gain the ability to look into club affairs in comparable cases, the newly appointed chairman David Kogan has stated.

In a wide-ranging interview, Kogan, who was recently selected, voiced concern towards Wednesday's fanbase.

The regulator engaged with four supporters' associations representing the Championship side this week.

The Championship side 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 major concern for the league and a major challenge for the sport," Kogan told.

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

"We're now looking to get powers... which will enable us to take Sheffield Wednesday - and other clubs brought to our attention if they require examination and addressed."

Monetary Issues and Ownership Situation

Wednesday's embattled owner the Thai businessman suggested earlier this year he would be open to selling the club at Hillsborough, but he has not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in March and May caused limitations by the league officials in June, preventing the club from carrying out any recruitment activities for the next three transfer windows, although that restriction was lifted in the end of the transfer window.

Authority's Position

Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, Bury or any football club where fans are dedicated to a community organization that has represented their community in numerous instances.

"I have absolute sympathy for Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the fans themselves."

Inquired if the authority might compel an proprietor to divest 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 collect the information and understand the situation, we will."

But the chairman emphasized that forcing owners to sell clubs would be treated as a "last resort" and the oversight body would choose to collaborate with owners.

"The final option we would consider is begin intervening in an particular organization, an specific proprietor, without having the opportunity to collaborate with that proprietor to address the issues that the club's facing and the proprietor's dealing with," Kogan said.

"But the truth is, when you review the record of the game, over the last 20 or 30 years there have been particular chairmen, not many, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately decline to assume obligation for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with officials from numerous teams to detail the scope of the authority recently and stated it constituted a "forward-thinking discussion" with a "high level of engagement" 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 significant advances achieved might evaporate swiftly," Kogan said.

"And that's what nobody wants in the realm of domestic football is a major achievement - we must maintain momentum.

"There's an enormous amount of money entering the sport and has come into football for the past two decades, because there's no guarantee it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the coming seasons."

Premier League Concerns

The Premier League opposed the establishment of an oversight body because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an commercial operation of the top division.

"As someone who appreciates the worry about compromising the Premier League as a premium product of England. But simultaneously, if you talk to the Premier League after this week's discussion, they would have had a significant degree of comfort -and, in fact, they have been informing us confidentially they have a considerable comfort."

Ideological Links

Kogan is still facing a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the political party in recent years.

The chairman donated money to government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my previous political affiliation [with Labour], and that party membership ceased the day the official body endorsed my nomination," the regulator explained.

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