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Sheffield Wednesday's persistent issues represent a a "significant problem" and the independent regulator is seeking powers to look into club affairs in such situations, its new chair David Kogan has stated.

Through a comprehensive talk, the regulator, who was named to the position this week, voiced concern towards the club's followers.

Kogan met with four fan organizations associated with the Championship side in recent days.

The football club have been struggling on and off the field in the current year, with the club missing wage payments on multiple instances, including in September.

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

"The club represents one of the historic institutions for the English game and recently we have met fan representatives.

"Our aim is to acquire the ability... which will enable us to take the club and similar situations submitted for our review if they need to be investigated and acted upon."

Financial Struggles and Proprietorship Status

The team's struggling chairman the current owner stated during the off-season he would be open to selling the club at the stadium, but he has not been able to secure a deal with prospective buyers.

Missed wage deadlines on time in spring months led to sanctions by the football authorities in summer, preventing the club from carrying out any transfers or loans for the next three transfer windows, although that restriction was lifted in August.

Authority's Position

The regulator explained: "The position was created for the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a regional establishment that has existed throughout their lifetimes in multiple situations.

"I have absolute sympathy for the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the fans themselves."

Questioned about whether the regulator could force an owner to sell a club if they are judged inappropriate, Kogan said: "If your question is 'would we intervene in the final instance?', the reply is once we collect the information and understand the situation, we will."

But Kogan stressed that compelling proprietors to divest clubs would be viewed as the ultimate measure and the authority would rather to collaborate with owners.

"The final option we would consider is start getting involved with an individual club, an individual owner, without being able to work with that owner to try and resolve the challenges confronting the team and the owner's facing," the regulator explained.

"In actuality, when you review the record of the game, 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 clubs and ultimately decline to assume obligation for the coming years."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged officials from numerous teams to detail the scope of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because if errors are made, if the sport makes errors, the extraordinary progress that's been made might evaporate rapidly," the chairman stated.

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

"There's an enormous amount of money entering the sport 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 one of the reasons why I think we have to maintain a focused outlook on challenges and obviously, of the coming seasons."

Elite Division Worries

The Premier League opposed the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the regulator stated: "I fully support the prosperity and expansion as an financial organization of the Premier League.

"Being fully aware of the concern of undermining the division as a high-quality offering of the nation. But at the same time, 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 considerable comfort."

Political Connections

Kogan is still facing a "full inquiry" by the official appointments authority after he acknowledged providing funds to the Labour Party in the past.

The official donated money to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my past party membership [with Labour], and that party membership ceased the day the select committee approved my appointment," the regulator explained.

"I am presently disconnected from any sort of politics."