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The Championship club's current difficulties constitute a "major concern" and the independent regulator is seeking powers to investigate clubs in similar circumstances, its new chair David Kogan has stated.

Through a comprehensive talk, the chairman, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.

The chairman convened with four fan organizations connected to the Championship side recently.

The football club 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 significant problem for EFL and a major challenge for the sport," Kogan told.

"Sheffield Wednesday is one of the great brands for the English game and recently we have met supporters' organizations.

"Our aim is to acquire the ability... which will enable us to take the club and similar situations brought to our attention if they warrant scrutiny and dealt with."

Economic Challenges and Proprietorship Status

The club's controversial proprietor the current owner suggested earlier this year he would be open to selling the club at Hillsborough, but he has failed to complete a sale with interested parties.

Delayed salary payments on time in spring months resulted in restrictions being imposed by the league officials in summer, stopping Wednesday from completing any recruitment activities for the next three transfer windows, although that restriction was lifted in the end of the transfer window.

Official's Viewpoint

The regulator explained: "The position was created for the supporters of Wednesday, Bury or any football club where supporters are loyal to a community organization that has existed throughout their lifetimes in multiple situations.

"I fully appreciate Sheffield Wednesday, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the followers."

Inquired if the authority might compel an chairman to relinquish 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 assemble the facts and know what's going on, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the regulator would prefer to cooperate with proprietors.

"The last thing what we want to do is commence engagement with an individual club, an particular chairman, without having the opportunity to collaborate with that proprietor to address the challenges confronting the team and the owner's facing," the regulator explained.

"However, realistically, when you review the record of football, over the past few decades there have been certain proprietors, a small minority, but certain individuals who have acted carelessly in the approach they have taken toward their organizations and finally refuse to accept accountability for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged representatives from 110 clubs to lay out the remit of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made might evaporate incredibly quickly," the regulator warned.

"And that's what nobody wants in the terms of English football is a huge success story - we must maintain momentum.

"Substantial financial resources flowing into the game and has been channeled for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, which is among the factors explaining I think we have to take a really clear view on challenges and obviously, of the immediate future."

Premier League Concerns

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but the chairman responded: "I completely endorse the achievement and development as an financial organization of the elite league.

"I of all people understand the apprehension regarding damaging the division as a high-quality offering of this country. But concurrently, if you consult with top flight officials after the recent gathering, they would have had a high level of reassurance -and, indeed, they have been informing us confidentially they have a considerable comfort."

Political Connections

The chairman continues to confront a "thorough examination" by the public appointments commissioner after he disclosed making donations to the political party in recent years.

The 68-year-old provided financial support for Culture Secretary the politician's campaign, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that party membership ceased the day the official body endorsed my nomination," Kogan said.

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