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The Championship club's ongoing struggles represent a a "major concern" and the football regulator is looking to gain the ability to investigate clubs in similar circumstances, the newly appointed chairman David Kogan has stated.

During an extensive discussion, the regulator, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

The chairman convened with four fan organizations connected to the South Yorkshire club in recent days.

The team 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 the autumn.

"Evidently Wednesday represents a major concern for the league and a significant problem for football," Kogan told.

"Sheffield Wednesday is one of the great brands for the English game 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 require examination and dealt with."

Financial Struggles and Leadership Concerns

The club's controversial proprietor Dejphon Chansiri suggested earlier this year he would be prepared to relinquish control at Hillsborough, 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 football authorities in June, preventing the club from carrying out any transfers or loans 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 job [of the regulator] is there for the Owls followers, teams facing challenges where people are committed to a local institution that has represented their community in numerous instances.

"I completely understand Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the supporters."

Inquired if the regulator could force an owner to sell a club if they are judged inappropriate, the regulator answered: "When asking whether 'would we intervene in the final instance?', the reply is once we assemble the facts and comprehend the circumstances, we will."

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

"Our least desirable course of action is start getting involved with an individual club, an particular chairman, without being able to work with that proprietor to address the problems affecting the organization and the owner's facing," the chairman stated.

"In actuality, when you look back over the history of the game, over the last 20 or 30 years there have been some owners, few in number, but particular people who have shown negligence in the approach they have taken toward their teams and eventually decline to assume obligation for the long-term prospects."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and maintained it represented a "progressive gathering" with a "significant participation" from the grassroots to elite level.

"This position carries substantial significance, because if we get it wrong, if the football community fails, the extraordinary progress that's been made necessary will vanish rapidly," the regulator warned.

"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 past two decades, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the immediate future."

Elite Division Worries

The Premier League opposed the establishment of an oversight body because of concerns about detrimental effects on the top-flight's competitiveness, but Kogan said: "I fully support the success and growth as an financial organization of the top division.

"I of all people understand the apprehension regarding damaging the division as a high-quality offering of England. But at the same time, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, in fact, they have been informing us confidentially they have a significant confidence."

Partisan Associations

The regulator remains subject to a "full inquiry" by the official appointments authority after he disclosed making donations to the opposition group in recent years.

The chairman provided financial support for 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 fully disclosed my previous political affiliation [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," Kogan said.

"I am no longer involved in any type of partisan engagement."