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The Championship club's persistent issues are seen as a "serious issue" and the football regulator is seeking powers to investigate clubs in such situations, the recently named head David Kogan has declared.

During an extensive discussion, the regulator, who was recently selected, expressed "sympathy" towards supporters of the Owls.

Kogan met with four fan organizations connected to the football team this week.

The football club have been experiencing difficulties in multiple areas in this season, with the club missing wage payments on several different times, including in September.

"Clearly Sheffield Wednesday has been a major concern for the league and a substantial concern for English football," the regulator explained.

"Sheffield Wednesday is one of the great brands for the English game and in recent days we have met supporters' organizations.

"We are seeking authority... which will permit us to bring Wednesday and comparable cases brought to our attention if they require examination and dealt with."

Financial Struggles and Ownership Situation

The club's controversial proprietor the current owner stated during the off-season he would be open to selling the club at the stadium, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in earlier this year led to sanctions by the English Football League (EFL) in June, preventing the club from carrying out any recruitment activities for the next three transfer windows, although that restriction was lifted in the end of the transfer window.

Regulator's Perspective

Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, other clubs in similar situations where people are committed to a community organization that has been part of their lives in many cases.

"I have absolute sympathy for the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the followers."

When asked if the authority might compel an proprietor to divest a club if they are considered unfit, Kogan said: "When asking whether 'would we intervene in the final instance?', the reply is once we collect the information and know what's going on, we will."

But Kogan stressed that forcing owners to sell clubs would be viewed as the ultimate measure and the authority would rather to cooperate with proprietors.

"Our least desirable course of action is start getting involved with an specific team, an particular chairman, without being able to work with that chairman to fix the challenges confronting the team and the owner's facing," the chairman stated.

"But the truth is, when you review the record of football, over the past few decades there have been certain proprietors, few in number, but some who have been irresponsible in the approach they have taken toward their clubs and ultimately decline to assume obligation for the future."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "high level of engagement" from the lower divisions to the top flight.

"The role holds considerable importance, because if we get it wrong, if the world of football gets it wrong, the extraordinary progress that's been made might evaporate incredibly quickly," Kogan said.

"And that's what nobody wants in the realm of domestic football is a huge success story - we've got to keep it going.

"There's an enormous amount of money flowing into the game and has been channeled for the past two decades, 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 risk and of course, of the coming seasons."

Premier League Concerns

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'm absolutely committed to the success and growth as an financial organization of the Premier League.

"Being fully aware of the concern of undermining the division as a high-quality offering of this country. But simultaneously, if you consult with top flight officials after this week's discussion, they would have had a significant degree of comfort -and, indeed, they have been advising us privately they have a high level of reassurance."

Political Connections

Kogan is still facing a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in recent years.

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

"I have fully disclosed my previous political affiliation [with Labour], and that party membership ceased the day the select committee approved my appointment," Kogan said.

"I am presently disconnected from any sort of politics."