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Sheffield Wednesday's ongoing struggles are seen as a "serious issue" and the independent regulator is seeking powers to investigate clubs in comparable cases, the newly appointed chairman the regulator has stated.

During an extensive discussion, the chairman, who was recently selected, voiced concern towards supporters of the Owls.

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

The football club have been facing challenges both on and off the pitch in the current year, with the club failing to pay players on time on five separate occasions, including in last month.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a major challenge for the sport," the regulator explained.

"The club represents one of the historic institutions for football in England and this week we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will permit us to bring Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and acted upon."

Economic Challenges and Leadership Concerns

The team's struggling chairman the current owner 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 spring months resulted in restrictions being imposed by the football authorities in summer, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, teams facing challenges where supporters are loyal to a community organization that has existed throughout their lifetimes in numerous instances.

"I completely understand the club's situation, as I do for all the clubs that in modern times have encountered failure, or approached financial ruin, for reasons that have nothing to do with the supporters."

Questioned about whether the oversight body could require an proprietor to divest 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 assemble the facts and understand the situation, we will."

But the chairman emphasized that forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to cooperate with proprietors.

"Our least desirable course of action is start getting involved with an particular organization, an specific proprietor, without being in a position to cooperate with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the regulator explained.

"However, realistically, when you examine the past of the sport, over the last 20 or 30 years there have been particular chairmen, a small minority, but some who have been irresponsible in the approach they have taken toward their organizations and finally don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

Kogan met with delegates from multiple organizations to detail the scope of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"It's a job that's actually really important, because if we get it wrong, if the football community fails, the significant advances achieved could disappear incredibly quickly," the chairman stated.

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

"There's an enormous amount of money flowing into the game and has been channeled for the recent generations, because certainty is lacking it will keep flowing into the sport, which is part of the rationale behind 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 formation of an authority because of concerns about detrimental effects on the Premier League's sporting equality, but Kogan said: "I'm absolutely committed to the achievement and development as an economic entity of the top division.

"As someone who appreciates the worry about compromising the top flight as an elite competition of the nation. But concurrently, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a considerable comfort."

Political Connections

Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the political party in recent years.

The 68-year-old provided financial support for government minister Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I've been completely open about my former ideological connection [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.

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