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Sheffield Wednesday's current difficulties represent a a "serious issue" and the independent regulator is seeking powers to examine team situations in comparable cases, its new chair David Kogan has stated.

During an extensive discussion, Kogan, who was recently selected, voiced concern towards the club's followers.

The chairman convened with four supporter groups connected to the Championship side recently.

The team have been facing challenges both on and off the pitch in this season, with the club delaying salary disbursements on multiple instances, including in the autumn.

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

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

"Our aim is to acquire the ability... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they warrant scrutiny and acted upon."

Economic Challenges 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 not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in March and May caused limitations by the league officials in June, stopping Wednesday from completing any player acquisitions for the following recruitment periods, although that restriction was lifted in late summer.

Official's Viewpoint

The chairman stated: "Our role exists to serve the supporters of Wednesday, other clubs in similar situations where supporters are loyal to a community organization that has existed throughout their lifetimes in multiple situations.

"I fully appreciate the team's plight, as I do for each organization that over recent decades have faced collapse, or nearly ceased operations, for reasons that have nothing to do with the fans themselves."

Inquired if the authority might compel an owner to sell a club if they are considered unfit, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and comprehend the circumstances, we will."

But the regulator clarified that forcing owners to sell clubs would be treated as a "last resort" and the oversight body would choose to collaborate with owners.

"Our least desirable course of action is begin intervening in an individual club, an individual owner, without having the opportunity to collaborate with that owner to try and resolve the problems affecting the organization and the proprietor's dealing with," the chairman stated.

"In actuality, when you review the record of football, over the recent generations there have been some owners, few in number, but some who have been irresponsible in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with officials from numerous teams to lay out the remit of the oversight body this week and insisted it was a "forward-thinking discussion" with a "high level of engagement" from the National League to the Premier League.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the significant advances achieved could disappear swiftly," Kogan said.

"This represents everyone's worst fear in the terms of English football is a substantial accomplishment - we've got to keep it going.

"There's an enormous amount of money coming into football and has come into football for the past two decades, because certainty is lacking 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 potential dangers and naturally, of the next two or three years."

Elite Division Worries

Top flight officials resisted the formation of an authority because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I'm absolutely committed to the achievement and development as an economic entity of the Premier League.

"Being fully aware of the concern of undermining the division as a high-quality offering of England. 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 telling us in private they have a significant confidence."

Political Connections

The regulator remains subject to a "thorough examination" by the official appointments authority after he acknowledged providing funds to the opposition group in the past.

The chairman donated money to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the current Prime Minister.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the regulator explained.

"I currently have no participation in any form of political activity."