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The Championship club's persistent issues constitute a "significant problem" and the new football authority is seeking powers to look into club affairs in comparable cases, its new chair David Kogan has declared.

In a wide-ranging interview, the regulator, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

The chairman convened with four fan organizations connected to the football team recently.

The football club have been experiencing difficulties in multiple areas in the current year, with the club missing wage payments on several different times, including in the autumn.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a major challenge for the sport," Kogan told.

"The club represents one of the historic institutions for football in England and recently we have met fan representatives.

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

Monetary Issues and Ownership Situation

The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with prospective buyers.

Missed wage deadlines on time in spring months resulted in restrictions being imposed by the league officials in summer, blocking the team from conducting any recruitment activities for the following recruitment periods, although the ban was rescinded in the end of the transfer window.

Regulator's Perspective

Kogan said: "The position was created for the Owls followers, Bury or any football club where fans are dedicated to a local institution that has existed throughout their lifetimes in many cases.

"I have absolute sympathy for the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the supporters."

Questioned about whether the regulator could force an owner to sell 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 collect the information 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 work with them.

"The last thing what we want to do is start getting involved with an particular organization, an specific proprietor, without being in a position to cooperate with that proprietor to address the challenges confronting the team and the proprietor's dealing with," the regulator explained.

"However, realistically, when you examine the past of football, over the last 20 or 30 years there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually refuse to accept accountability for the coming years."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to detail the scope of the authority recently and insisted it was a "progressive gathering" with a "significant participation" from the National League to the Premier League.

"This position carries substantial significance, because if errors are made, if the sport makes errors, the significant advances achieved could disappear swiftly," the regulator warned.

"And that's what nobody wants in the realm of domestic football is a major achievement - we must maintain momentum.

"Substantial financial resources flowing into the game and has been channeled for the past two decades, because there are no assurances it will keep flowing into the sport, which is among the factors explaining I think we have to maintain a focused outlook on risk and of course, of the immediate future."

Elite Division Worries

Elite division representatives objected to the establishment of an oversight body because of concerns about detrimental effects on the Premier League's sporting equality, but the chairman responded: "I'm absolutely committed to the success and growth as an commercial operation of the top division.

"Being fully aware of the concern of undermining the top flight as an elite competition of the nation. But at the same time, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a significant confidence."

Ideological Links

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 official donated money to government minister Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I have been entirely transparent regarding my past party membership [with Labour], and that party membership ceased the day the official body endorsed my nomination," the chairman stated.

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