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The team's current difficulties represent a a "serious issue" and the new football authority is seeking powers to investigate clubs in comparable cases, the recently named head David Kogan has stated.

Through a comprehensive talk, Kogan, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.

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

The Championship side have been experiencing difficulties in multiple areas in this season, with the club delaying salary disbursements on five separate occasions, including in September.

"Obviously the club has become a serious issue for football authorities and a major challenge for the sport," the regulator explained.

"Sheffield Wednesday is one of the historic institutions for English football and in recent days we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will permit us to bring Wednesday and comparable cases submitted for our review if they need to be investigated and dealt with."

Economic Challenges and Proprietorship Status

The club's controversial proprietor Dejphon Chansiri indicated in the summer he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in March and May resulted in restrictions being imposed by the league officials in mid-year, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although that restriction was lifted in August.

Authority's Position

Kogan said: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where fans are dedicated to a community organization that has been part of their lives in numerous instances.

"I fully appreciate the team's plight, 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 supporters."

Inquired if the regulator could force an owner to sell a club if they are considered unfit, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we gather the evidence and know what's going on, we will."

But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the authority would rather to cooperate with proprietors.

"The last thing what we want to do is begin intervening in an individual club, an individual owner, without being in a position to cooperate with that chairman to fix the problems affecting the organization and the proprietor's dealing with," the regulator explained.

"But the truth is, when you look back over the history of the sport, over the recent generations there have been particular chairmen, a small minority, but particular people who have shown negligence in the manner they have operated their teams and eventually decline to assume obligation for the future."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the regulator on Wednesday and maintained it represented a "forward-thinking discussion" with a "high level of engagement" from the lower divisions to the top flight.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the significant advances achieved might evaporate swiftly," the regulator warned.

"This represents everyone's worst fear in the context of the English game is a huge success story - we need to continue the progress.

"Considerable investment entering the sport and has been invested for the recent generations, because there's no guarantee it will keep flowing into the sport, which is part of the rationale behind I think we have to adopt a precise perspective on risk and of course, of the next two or three years."

Top Flight Apprehensions

Top flight officials resisted the creation of a regulator because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I'm absolutely committed to the success and growth as an commercial operation of the top division.

"I of all people understand the apprehension regarding damaging the division as a high-quality offering of the nation. But simultaneously, if you consult with top flight officials after this week's discussion, they would have had a high level of reassurance -and, indeed, they have been informing us confidentially they have a significant confidence."

Political Connections

The chairman continues to confront a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in the past.

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

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

"I am presently disconnected from any type of partisan engagement."