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The Championship club's ongoing struggles constitute a "significant problem" and the independent regulator is looking to gain the ability to look into club affairs in such situations, the newly appointed chairman the regulator has declared.

During an extensive discussion, the chairman, who was named to the position this week, voiced concern towards supporters of the Owls.

The regulator engaged with four fan organizations associated with the football team in recent days.

The team 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.

"Evidently Wednesday represents a significant problem for EFL and a major challenge for the sport," the regulator explained.

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

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they need to be investigated and addressed."

Economic Challenges and Leadership Concerns

Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be willing to sell up at the stadium, but he has been unable to finalize an agreement with prospective buyers.

Delayed salary payments on time in earlier this year led to sanctions by the football authorities in June, blocking the team from conducting any player acquisitions for the next three transfer windows, although those limitations were removed in late summer.

Official's Viewpoint

The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where people are committed to a local institution that has been part of their lives in many cases.

"I have absolute sympathy for the team's plight, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for causes separate from the supporters."

Questioned about whether the oversight body could require an proprietor to divest a club if they are considered unfit, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we gather the evidence and understand the situation, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be viewed as the ultimate measure and the regulator would prefer to work with them.

"The final option we would consider is begin intervening in an individual club, an specific proprietor, without being able to work with that owner to try and resolve the problems affecting the organization and the chairman's encountering," Kogan said.

"But the truth is, when you look back over the history of football, over the past few decades there have been certain proprietors, a small minority, but some who have been irresponsible in the way which they've been managing their teams and eventually decline to assume obligation for the long-term prospects."

'Mistakes could erase significant advances'

The regulator engaged representatives from 110 clubs to lay out the remit of the regulator on Wednesday and insisted it was a "proactive meeting" with a "high level of engagement" from the lower divisions to the top flight.

"It's a job that's actually really important, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made might evaporate swiftly," the regulator warned.

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

"Substantial financial resources flowing into the game and has been invested for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."

Top Flight Apprehensions

Top flight officials resisted the formation of an authority because of fears of a negative impact on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the prosperity and expansion as an economic entity of the elite league.

"As someone who appreciates the worry about compromising the top flight as an elite competition of this country. But simultaneously, if you engage with division representatives after this week's discussion, they would have had a significant degree of comfort -and, indeed, they have been advising us privately they have a significant confidence."

Ideological Links

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he revealed he contributed money to the political party in 2020.

The official contributed funds to government minister the minister's leadership bid, 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 party membership ceased the day the select committee approved my appointment," the chairman stated.

"I am no longer involved in any sort of politics."