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The Championship club's ongoing struggles constitute a "serious issue" and the new football authority is seeking powers to examine team situations in such situations, the newly appointed chairman David Kogan has stated.

In a wide-ranging interview, the chairman, who was named to the position this week, voiced concern towards supporters of the Owls.

The regulator engaged with four fan organizations connected to the South Yorkshire club recently.

The team have been experiencing difficulties in multiple areas in this season, with the club delaying salary disbursements on several different times, including in last month.

"Clearly Sheffield Wednesday has been a major concern for the league and a significant problem for football," Kogan told.

"Wednesday stands as one of the historic institutions for English football and this week we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs referred to us if they require examination and addressed."

Economic Challenges and Proprietorship Status

The team's struggling chairman the current owner indicated in the summer 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 spring months resulted in restrictions being imposed by the English Football League (EFL) in mid-year, preventing the club from carrying out any transfers or loans for the subsequent signing windows, although those limitations were removed in August.

Regulator's Perspective

The regulator explained: "The job [of the regulator] is there for the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated 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 each organization that in modern times have encountered failure, or nearly ceased operations, for causes separate from the supporters."

When asked if the oversight body could require an proprietor to divest a club if they are deemed unsuitable, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we assemble the facts and know what's going on, we will."

But the regulator clarified that forcing owners to sell clubs would be considered the final option and the authority would rather to collaborate with owners.

"The last thing what we want to do is commence engagement with an particular organization, an individual owner, without having the opportunity to collaborate with that owner to try and resolve the issues that the club's facing and the chairman's encountering," Kogan said.

"However, realistically, when you look back over the history of football, over the recent generations there have been particular chairmen, a small minority, but particular people who have shown negligence in the manner they have operated their clubs and ultimately decline to assume obligation for the coming years."

'Mistakes could erase significant advances'

The chairman convened with delegates from multiple organizations to lay out the remit of the authority recently and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the lower divisions to the top flight.

"This position carries substantial significance, because if we get it wrong, if the football community fails, the significant advances achieved could disappear rapidly," the regulator warned.

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

"Substantial financial resources 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 take a really clear view on potential dangers and naturally, of the immediate future."

Top Flight Apprehensions

The Premier League opposed the establishment of an oversight body because of fears of a negative impact on the elite division's competitive balance, but the chairman responded: "I'm absolutely committed to the achievement and development as an economic entity of the top division.

"Being fully aware of the concern of undermining the top flight as an elite competition of this country. But at the same time, if you engage with division representatives after the recent gathering, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a considerable comfort."

Ideological Links

The chairman continues to confront a "full inquiry" by the official appointments authority after he disclosed making donations to the political party in the past.

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

"I have been entirely transparent regarding my former ideological connection [with Labour], and that party membership ceased the day the official body endorsed my nomination," the regulator explained.

"I currently have no participation in any sort of politics."