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The Championship club's ongoing struggles constitute a "significant problem" and the independent regulator is aiming to acquire authority to investigate clubs in comparable cases, its new chair David Kogan has stated.

In a wide-ranging interview, the regulator, who was named to the position this week, showed understanding towards the club's followers.

The chairman convened with four supporter groups representing the South Yorkshire club this week.

The team have been experiencing difficulties in multiple areas in the current year, with the club delaying salary disbursements on several different times, including in last month.

"Clearly Sheffield Wednesday has been a major concern for the league and a major challenge for the sport," Kogan told.

"Wednesday stands as one of the great brands for football in England and in recent days we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will permit us to bring the club and similar situations referred to us if they warrant scrutiny and dealt with."

Monetary Issues and Proprietorship Status

Wednesday's embattled owner Dejphon Chansiri suggested earlier this year he would be open to selling the club at the stadium, but he has been unable to finalize an agreement with potential new owners.

Delayed salary payments on time in March and May caused limitations by the league officials in mid-year, preventing the club from carrying out any transfers or loans for the following recruitment periods, although that restriction was lifted in the end of the transfer window.

Regulator's Perspective

The regulator explained: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where people are committed to a local institution that has existed throughout their lifetimes in many cases.

"I have absolute sympathy for Sheffield Wednesday, as I do for every team that since 1992 have gone to the wall, or been close to going to the wall, for factors unrelated to the fans themselves."

When asked if the oversight body could require an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we assemble the facts and understand the situation, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be treated as a "last resort" and the regulator would prefer to collaborate with owners.

"The final option we would consider is start getting involved with an particular organization, an individual owner, without being in a position to cooperate with that proprietor to address the problems affecting the organization and the owner's facing," the chairman stated.

"However, realistically, when you look back over the history of the sport, over the past few decades there have been some owners, few in number, but particular people who have shown negligence in the approach they have taken toward their clubs and ultimately decline to assume obligation for the future."

'Errors may undo substantial development'

Kogan met with delegates from multiple organizations to explain the responsibilities of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the remarkable development accomplished could disappear swiftly," the regulator warned.

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

"Considerable investment entering the sport and has been invested for the recent generations, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to adopt a precise perspective on potential dangers and naturally, of the immediate future."

Premier League Concerns

Top flight officials resisted the establishment of an oversight body because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I fully support the success and growth as an economic entity of the elite league.

"I of all people understand the apprehension regarding damaging the Premier League as a premium product of the nation. But simultaneously, if you talk to the Premier League after this week's discussion, they would have had a significant degree of comfort -and, in fact, they have been telling us in private they have a high level of reassurance."

Partisan Associations

The regulator remains subject to a "thorough examination" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in the past.

The official contributed funds to Culture Secretary the politician's campaign, along with that of the current Prime Minister.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.

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