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The Championship club's persistent issues are seen as a "significant problem" and the new football authority is aiming to acquire authority to investigate clubs in such situations, the newly appointed chairman David Kogan has stated.

Through a comprehensive talk, the regulator, who was recently selected, showed understanding towards supporters of the Owls.

Kogan met with four supporters' associations associated with the South Yorkshire club recently.

The football club have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on multiple instances, including in September.

"Obviously the club has become a serious issue for football authorities and a substantial concern for English football," the regulator explained.

"The club represents one of the iconic names for the English game and recently we have met fan representatives.

"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases brought to our attention if they need to be investigated and acted upon."

Economic Challenges and Proprietorship Status

Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be prepared to relinquish control at Hillsborough, but he has not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in mid-year, preventing the club from carrying out any transfers or loans for the following recruitment periods, although that restriction was lifted in August.

Authority's Position

The chairman stated: "The position was created for the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a regional establishment that has been part of their lives in many cases.

"I have absolute sympathy for the team's plight, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for reasons that have nothing to do with the followers."

Inquired if the regulator could force 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 response would be once we collect the information and understand the situation, we will."

But Kogan stressed that forcing owners to sell clubs would be considered the final option and the regulator would prefer to cooperate with proprietors.

"The final option we would consider is start getting involved with an specific team, an particular chairman, without being in a position to cooperate with that proprietor to address the challenges confronting the team and the proprietor's dealing with," the regulator explained.

"However, realistically, when you examine the past of the sport, over the recent generations there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the approach they have taken toward their organizations and finally don't wish to take responsibility for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged delegates from multiple organizations to detail the scope of the oversight body this week and insisted it was a "progressive gathering" with a "high level of engagement" from the National League to the Premier League.

"It's a job that's actually really important, because if errors are made, if the world of football gets it wrong, the significant advances achieved could disappear rapidly," the chairman stated.

"This represents everyone's worst fear in the realm of domestic football is a major achievement - we need to continue the progress.

"Considerable investment flowing into the game and has been channeled for the last 20 or 25 years, because there's no guarantee 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 next two or three years."

Elite Division Worries

The Premier League opposed the creation of a regulator because of fears of a negative impact on the elite division's competitive balance, but the chairman responded: "I completely endorse the prosperity and expansion as an commercial operation of the Premier League.

"I of all people understand the concern of undermining the division as a high-quality offering of England. But simultaneously, if you talk to the Premier League after this week's discussion, they would have had a substantial amount of confidence -and, indeed, they have been advising us privately they have a considerable comfort."

Partisan Associations

Kogan is still facing a "comprehensive investigation" by the Commissioner for Public Appointments after he disclosed making donations to the political party in recent years.

The chairman provided financial support for Culture Secretary the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my past party membership [with Labour], and that party membership ceased the day the select committee approved my appointment," the regulator explained.

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