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The Championship club's ongoing struggles are seen as a "significant problem" and the football regulator is seeking powers to investigate clubs in such situations, the newly appointed chairman the regulator has declared.

During an extensive discussion, the regulator, who was recently selected, showed understanding towards Wednesday's fanbase.

Kogan met with four supporter groups representing the Championship side this week.

The team have been experiencing difficulties in multiple areas in the current year, with the club delaying salary disbursements on five separate occasions, including in last month.

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

"Wednesday stands as one of the historic institutions for football in England and recently we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will enable us to take Wednesday and comparable cases brought to our attention if they warrant scrutiny and addressed."

Monetary Issues and Ownership Situation

The team's struggling chairman the current owner indicated in the summer he would be willing to sell up at their home ground, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in spring months resulted in restrictions being imposed by the league officials in summer, stopping Wednesday from completing any transfers or loans for the next three transfer windows, although those limitations were removed in late summer.

Official's Viewpoint

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

"I fully appreciate the team's plight, as I do for every team that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the followers."

Questioned about whether the oversight body could require an owner to sell a club if they are considered unfit, the regulator answered: "If your question is 'would we intervene in the final instance?', the reply is once we assemble the facts and comprehend the circumstances, we will."

But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"Our least desirable course of action is commence engagement with an individual club, an individual owner, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the chairman's encountering," the regulator explained.

"But the truth is, when you examine the past of the sport, over the past few decades there have been some owners, few in number, but some who have been irresponsible in the manner they have operated their clubs and ultimately refuse to accept accountability for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged representatives from 110 clubs to lay out the remit of the authority recently and maintained it represented a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the remarkable development accomplished necessary will vanish incredibly quickly," the chairman stated.

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

"Substantial financial resources coming into football and has been invested for the last 20 or 25 years, because there's no guarantee it will continue to come into football, which is part of the rationale behind I think we have to take a really clear view on potential dangers and naturally, of the coming seasons."

Premier League Concerns

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the achievement and development as an economic entity of the Premier League.

"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of the nation. But concurrently, if you consult with top flight officials after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been advising us privately they have a significant confidence."

Political Connections

The chairman continues to confront a "thorough examination" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in the past.

The 68-year-old provided financial support for Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my past party membership [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," Kogan said.

"I am no longer involved in any type of partisan engagement."