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Sheffield Wednesday's persistent issues constitute a "serious issue" and the independent regulator is aiming to acquire authority to investigate clubs in comparable cases, the newly appointed chairman David Kogan has stated.

During an extensive discussion, Kogan, who was recently selected, voiced concern towards Wednesday's fanbase.

The regulator engaged with four supporters' associations representing the football team this week.

The football club have been struggling on and off the field in the current year, with the club missing wage payments on several different times, including in September.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a substantial concern for English football," Kogan told.

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

"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 Ownership Situation

Wednesday's embattled owner the Thai businessman suggested earlier this year he would be open to selling the club at the stadium, but he has failed to complete a sale with interested parties.

Failure to pay player wages on time in spring months resulted in restrictions being imposed by the football authorities in mid-year, preventing the club from carrying out any recruitment activities for the next three transfer windows, although that restriction was lifted in late summer.

Authority's Position

Kogan said: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where people are committed to a community organization that has existed throughout their lifetimes in multiple situations.

"I fully appreciate the club's situation, as I do for each organization that in modern times have encountered failure, or approached financial ruin, for causes separate from the fans themselves."

Inquired if the regulator could force an chairman to relinquish 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 comprehend the circumstances, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be considered the final option and the authority would rather to work with them.

"The last thing what we want to do is begin intervening in an individual club, an individual owner, without having the opportunity to collaborate with that proprietor to address the challenges confronting the team and the chairman's encountering," the regulator explained.

"However, realistically, when you examine the past of football, over the recent generations there have been certain proprietors, few in number, but particular people who have shown negligence in the manner they have operated their organizations and finally decline to assume obligation 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 "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the extraordinary progress that's been made might evaporate swiftly," Kogan said.

"This represents everyone's worst fear in the realm of domestic football is a major achievement - we must maintain momentum.

"There's an enormous amount of money entering the sport and has been channeled for the past two decades, because there's no guarantee 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 challenges and obviously, of the next two or three years."

Premier League Concerns

Top flight officials resisted the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the achievement and development as an financial organization of the elite league.

"As someone who appreciates the worry about compromising the division as a high-quality offering of this country. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a considerable comfort."

Ideological Links

Kogan is still facing a "thorough examination" by the public appointments commissioner after he acknowledged providing funds to the Labour Party in recent years.

The chairman provided financial support for Culture Secretary Lisa Nandy's leadership campaign, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the regulator explained.

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