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The Championship club's ongoing struggles are seen as a "major concern" and the football regulator is seeking powers to investigate clubs in comparable cases, the newly appointed chairman David Kogan has declared.

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

Kogan met with four supporter groups representing the football team recently.

The team have been struggling on and off the field in this season, with the club delaying salary disbursements on several different times, including in last month.

"Evidently Wednesday represents a significant problem for EFL and a substantial concern for English football," the chairman stated.

"The club represents one of the iconic names for the English game and this week we have met fan representatives.

"We are seeking authority... which will enable us to take Sheffield Wednesday - and other clubs referred to us if they need to be investigated and dealt with."

Monetary Issues and Proprietorship Status

The club's controversial proprietor Dejphon Chansiri 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 prospective buyers.

Delayed salary payments on time in earlier this year caused limitations by the league officials in summer, preventing the club from carrying out any transfers or loans for the next three transfer windows, although the ban was rescinded in late summer.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated to a local institution that has been part of their lives in numerous instances.

"I have absolute sympathy for Sheffield Wednesday, as I do for each organization that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the supporters."

Questioned about whether the authority might compel an proprietor to divest a club if they are judged inappropriate, Kogan said: "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 chairman emphasized that compelling proprietors to divest clubs would be viewed as the ultimate measure and the oversight body would choose to work with them.

"Our least desirable course of action is commence engagement with an particular organization, an particular chairman, without being in a position to cooperate with that proprietor to address the issues that the club's facing and the owner's facing," the chairman stated.

"However, realistically, when you review the record of football, over the past few decades there have been certain proprietors, not many, but particular people who have shown negligence in the approach they have taken toward their organizations and finally refuse to accept accountability for the coming years."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with representatives from 110 clubs to lay out the remit of the authority recently and maintained it represented a "proactive meeting" with a "high level of engagement" from the lower divisions to the top flight.

"The role holds considerable importance, because if errors are made, if the world of football gets it wrong, the remarkable development accomplished could disappear swiftly," the chairman stated.

"And that's what nobody wants in the context of the English game is a huge success story - we need to continue the progress.

"There's an enormous amount of money entering the sport and has been channeled for the last 20 or 25 years, because certainty is lacking it will persist in entering the game, which is one of the reasons why I think we have to adopt a precise perspective on risk and of course, of the coming seasons."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the Premier League's sporting equality, but Kogan said: "I completely endorse the success and growth as an financial organization of the Premier League.

"Being fully aware of the apprehension regarding damaging the Premier League as a premium product of the nation. But simultaneously, if you engage with division representatives after the recent gathering, they would have had a significant degree of comfort -and, actually, they have been informing us confidentially they have a considerable comfort."

Ideological Links

The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he revealed he contributed money to the political party in the past.

The 68-year-old contributed funds to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the government leader.

"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the chairman stated.

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