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Sheffield Wednesday's current difficulties are seen as a "significant problem" and the football regulator is looking to gain the ability to investigate clubs in such situations, its new chair the regulator has announced.

In a wide-ranging interview, the regulator, who was recently selected, showed understanding towards supporters of the Owls.

The chairman convened with four fan organizations associated with the football team this week.

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

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a significant problem for football," the regulator explained.

"The club represents one of the historic institutions for English football and recently we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will allow us to have Wednesday and comparable cases referred to us if they need to be investigated and dealt with."

Financial Struggles and Proprietorship Status

The team's struggling chairman the Thai businessman indicated in the summer he would be prepared to relinquish control at their home ground, but he has failed to complete a sale with potential new owners.

Missed wage deadlines on time in spring months caused limitations by the English Football League (EFL) in mid-year, preventing the club from carrying out any transfers or loans for the next three transfer windows, although those limitations were removed in August.

Regulator's Perspective

Kogan said: "Our role exists to serve the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated 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 all the clubs that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the supporters."

Questioned about whether the oversight body could require an owner to sell a club if they are deemed unsuitable, the regulator answered: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and understand the situation, we will."

But Kogan stressed that forcing owners to sell clubs would be viewed as the ultimate measure and the regulator would prefer to work with them.

"The last thing what we want to do is start getting involved with an particular organization, an particular chairman, without being able to work with that owner to try and resolve the challenges confronting the team and the owner's facing," the chairman stated.

"However, realistically, when you review the record of the game, over the past few decades there have been certain proprietors, a small minority, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually refuse to accept accountability for the long-term prospects."

'Mistakes could erase significant advances'

The regulator engaged officials from numerous teams to explain the responsibilities of the regulator on Wednesday and insisted it was a "proactive meeting" with a "high level of engagement" from the National League to the Premier League.

"This position carries substantial significance, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made necessary will vanish rapidly," the regulator warned.

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

"Considerable investment entering the sport and has been channeled for the last 20 or 25 years, because there's no guarantee it will keep flowing into the sport, which is part of the rationale behind 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 the chairman responded: "I fully support the prosperity and expansion as an commercial operation of the top division.

"As someone who appreciates the worry about compromising the division as a high-quality offering of the nation. But simultaneously, if you engage with division representatives after today's meeting, they would have had a high level of reassurance -and, indeed, they have been telling us in private they have a significant confidence."

Political Connections

The chairman continues to confront a "thorough examination" by the public appointments commissioner after he revealed he contributed money to the Labour Party in the past.

The 68-year-old donated money to Culture Secretary the politician's campaign, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.

"I am no longer involved in any type of partisan engagement."