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The Championship club's ongoing struggles represent a a "serious issue" and the independent regulator is seeking powers to examine team situations in comparable cases, its new chair David Kogan has declared.

During an extensive discussion, Kogan, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

The chairman convened with four fan organizations representing the football team recently.

The football club have been struggling on and off the field in the current year, with the club failing to pay players on time on five separate occasions, including in the autumn.

"Obviously the club has become a serious issue for football authorities and a substantial concern for English football," the chairman stated.

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

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they require examination and dealt with."

Financial Struggles and Ownership Situation

The club's controversial proprietor Dejphon Chansiri 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.

Failure to pay player wages on time in earlier this year caused limitations by the league officials in June, blocking the team from conducting any recruitment activities for the subsequent signing windows, although those limitations were removed in August.

Regulator's Perspective

The chairman stated: "Our role exists to serve the Owls followers, teams facing challenges where people are committed to a community organization that has been part of their lives in many cases.

"I fully appreciate the team's plight, as I do for every team that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the supporters."

When asked if the regulator could force 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 answer is once we collect the information and know what's going on, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to cooperate with proprietors.

"The final option we would consider is commence engagement with an individual club, an particular chairman, without having the opportunity to collaborate with that chairman to fix the issues that the club's facing and the chairman's encountering," the chairman stated.

"In actuality, when you review the record of football, over the past few decades there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the manner they have operated their clubs and ultimately don't wish to take responsibility for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with delegates from multiple organizations to lay out the remit of the oversight body this week and maintained it represented a "proactive meeting" with a "substantial involvement" from the National League to the Premier League.

"This position carries substantial significance, because should mistakes occur, if the world of football gets it wrong, the extraordinary progress that's been made could disappear rapidly," Kogan said.

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

"Substantial financial resources flowing into the game and has been channeled for the past two decades, because there are no assurances it will persist in entering the game, which is part of the rationale behind I think we have to take a really clear view on potential dangers and naturally, of the immediate future."

Top Flight Apprehensions

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the top-flight's competitiveness, but the regulator stated: "I fully support the prosperity and expansion as an commercial operation of the top division.

"I of all people understand the apprehension regarding damaging the top flight as an elite competition of this country. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a significant confidence."

Political Connections

The regulator remains subject to a "thorough examination" by the official appointments authority after he acknowledged providing funds to the Labour Party in 2020.

The official provided financial support for Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the government leader.

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

"I currently have no participation in any form of political activity."