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The Championship club's ongoing struggles are seen as a "significant problem" and the new football authority is aiming to acquire authority to examine team situations in comparable cases, its new chair David Kogan has declared.

During an extensive discussion, Kogan, who was recently selected, voiced concern towards supporters of the Owls.

The regulator engaged with four supporter groups connected to the football team in recent days.

The Championship side have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on five separate occasions, including in last month.

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

"Sheffield Wednesday is one of the iconic names for the English game and recently we have met fan representatives.

"We are seeking authority... which will enable us to take Sheffield Wednesday - and other clubs submitted for our review if they require examination and addressed."

Monetary Issues and Leadership Concerns

Wednesday's embattled owner the Thai businessman indicated in the summer he would be open to selling the club at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Delayed salary payments on time in March and May led to sanctions by the English Football League (EFL) in June, blocking the team from conducting any recruitment activities for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where fans are dedicated to a regional establishment that has represented their community in numerous instances.

"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 nearly ceased operations, for factors unrelated to the supporters."

Questioned about whether the oversight body could require an owner to sell a club if they are judged inappropriate, Kogan said: "When asking whether 'would we intervene in the final instance?', the response would be once we collect the information and know what's going on, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be considered the final option and the authority would rather to work with them.

"The last thing what we want to do is commence engagement with an specific team, an particular chairman, without being in a position to cooperate with that chairman to fix the problems affecting the organization and the chairman's encountering," Kogan said.

"In actuality, when you examine the past of football, over the last 20 or 30 years there have been certain proprietors, few in number, but some who have been irresponsible in the way which they've been managing their organizations and finally decline to assume obligation for the future."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with officials from numerous teams to detail the scope of the authority recently and insisted it was a "forward-thinking discussion" with a "high level of engagement" from the National League to the Premier League.

"It's a job that's actually really important, because should mistakes occur, if the sport makes errors, the significant advances achieved might evaporate swiftly," the chairman stated.

"And that's what nobody wants in the context of the English game is a substantial accomplishment - we've got to keep it going.

"Considerable investment flowing into the game and has been invested for the last 20 or 25 years, because there are no assurances it will persist in entering the game, which is part of the rationale behind I think we have to take a really clear view on challenges and obviously, of the immediate future."

Elite Division Worries

Elite division representatives objected to the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I completely endorse 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 concurrently, if you consult with top flight officials after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been informing us confidentially they have a considerable comfort."

Political Connections

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

The official contributed funds to government minister Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I've been completely open about my previous political affiliation [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.

"I am presently disconnected from any form of political activity."