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The Championship club's current difficulties constitute a "significant problem" and the football regulator is looking to gain the ability to look into club affairs in comparable cases, the recently named head the regulator has announced.

During an extensive discussion, the regulator, who was named to the position this week, showed understanding towards Wednesday's fanbase.

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

The Championship side have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on five separate occasions, including in the autumn.

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

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

"We are seeking authority... which will permit us to bring the club and similar situations submitted for our review if they need to be investigated and addressed."

Financial Struggles and Leadership Concerns

Wednesday's embattled owner Dejphon Chansiri stated during the off-season he would be willing to sell up at their home ground, but he has not been able to secure a deal with prospective buyers.

Missed wage deadlines on time in earlier this year led to sanctions by the league officials in summer, blocking the team from conducting any player acquisitions for the subsequent signing windows, although that restriction was lifted in August.

Regulator's Perspective

The regulator explained: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated to a local institution that has existed throughout their lifetimes in many cases.

"I fully appreciate 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 supporters."

Inquired if the authority might compel an chairman to relinquish a club if they are judged inappropriate, 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 forcing owners to sell clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"The final option we would consider is commence engagement with an particular organization, an individual owner, without being able to work with that proprietor to address the issues that the club's facing and the chairman's encountering," Kogan said.

"In actuality, when you examine the past of the sport, over the past few decades there have been particular chairmen, a small minority, but certain individuals who have acted carelessly in the manner they have operated their teams and eventually don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

The regulator engaged officials from numerous teams to lay out the remit of the authority recently and insisted it was a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"This position carries substantial significance, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made might evaporate swiftly," Kogan said.

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

"Substantial financial resources coming into football and has been channeled for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the next two or three years."

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 Kogan said: "I completely endorse the success and growth as an financial organization of the elite league.

"Being fully aware of the apprehension regarding damaging the Premier League as a premium product of England. But simultaneously, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been advising us privately they have a considerable comfort."

Political Connections

The chairman continues to confront a "full inquiry" by the official appointments authority after he disclosed making donations to the political party in recent years.

The 68-year-old contributed funds to government minister Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I have fully disclosed my previous political affiliation [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.

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