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The Championship club's ongoing struggles constitute a "serious issue" and the independent regulator is aiming to acquire authority to examine team situations in comparable cases, its new chair David Kogan has stated.

During an extensive discussion, the regulator, who was appointed on Monday, voiced concern towards Wednesday's fanbase.

The chairman convened with four supporter groups representing the football team recently.

The Championship side have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on several different times, including in September.

"Clearly Sheffield Wednesday has been a major concern for the league and a substantial concern for English football," the regulator explained.

"Sheffield Wednesday is one of the great brands for football in England and this week we have met fan representatives.

"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs submitted for our review if they need to be investigated and acted upon."

Monetary Issues and Leadership Concerns

The team's struggling chairman the current owner indicated in the summer he would be open to selling the club at the stadium, but he has not been able to secure a deal with interested parties.

Missed wage deadlines on time in earlier this year led to sanctions by the English Football League (EFL) in June, stopping Wednesday from completing any player acquisitions for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Authority's Position

The chairman stated: "The position was created for the fans of Sheffield Wednesday, Bury or any football club where people are committed to a regional establishment that has represented their community in many cases.

"I completely understand Sheffield Wednesday, as I do for all the clubs that over recent decades have faced collapse, or been close to going to the wall, for factors unrelated to the followers."

Inquired if the oversight body could require an owner to sell a club if they are judged inappropriate, the regulator answered: "If your question is 'would we intervene in the final instance?', the response would be once we assemble the facts 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 particular chairman, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the owner's facing," Kogan said.

"In actuality, when you look back over the history of the sport, over the recent generations there have been particular chairmen, a small minority, but certain individuals who have acted carelessly in the manner they have operated their teams and eventually refuse to accept accountability for the future."

'Mistakes could erase significant advances'

Kogan met with delegates from multiple organizations to detail the scope of the regulator on Wednesday and insisted it was a "progressive gathering" with a "high level of engagement" from the National League to the Premier League.

"The role holds considerable importance, because should mistakes occur, if the sport makes errors, the remarkable development accomplished necessary will vanish rapidly," Kogan said.

"Such an outcome is universally undesirable in the context of the English game is a huge success story - we must maintain momentum.

"Considerable investment flowing into the game and has been channeled for the recent generations, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the next two or three years."

Elite Division Worries

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

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of England. But at the same time, if you talk to the Premier League after today's meeting, they would have had a significant degree of comfort -and, actually, they have been advising us privately they have a significant confidence."

Political Connections

The regulator remains subject to a "full inquiry" by the official appointments authority after he acknowledged providing funds to the Labour Party in the past.

The official provided financial support for government minister Lisa Nandy's leadership campaign, along with that of the government leader.

"I have fully disclosed my previous political affiliation [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the regulator explained.

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