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The team's persistent issues are seen as a "significant problem" and the independent regulator is looking to gain the ability to examine team situations in comparable cases, the newly appointed chairman David Kogan has announced.

In a wide-ranging interview, the regulator, who was appointed on Monday, voiced concern towards supporters of the Owls.

The chairman convened with four supporter groups representing the football team this week.

The Championship side have been experiencing difficulties in multiple areas in this season, with the club delaying salary disbursements on multiple instances, including in last month.

"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," Kogan told.

"The club represents one of the great brands for English football and recently we have met fan representatives.

"We are seeking authority... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they warrant scrutiny and dealt with."

Financial Struggles and Ownership Situation

Wednesday's embattled owner the current owner suggested earlier this year he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with potential new owners.

Failure to pay player wages on time in March and May led to sanctions by the football authorities in June, blocking the team from conducting any recruitment activities for the subsequent signing windows, although that restriction was lifted in late summer.

Official's Viewpoint

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, other clubs in similar situations where supporters are loyal to a regional establishment that has been part of their lives 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 factors unrelated to the fans themselves."

Inquired if the regulator could force an proprietor to divest a club if they are deemed unsuitable, the chairman responded: "If your question is 'would we intervene in the final instance?', the reply is once we assemble the facts and know what's going on, we will."

But Kogan stressed that forcing owners to sell clubs would be considered the final option and the regulator would prefer to work with them.

"The last thing what we want to do is begin intervening in an individual club, an particular chairman, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the proprietor's dealing with," the chairman stated.

"But the truth is, when you review the record of the game, over the recent generations there have been certain proprietors, not many, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately refuse to accept accountability for the future."

'Mistakes could erase significant advances'

The chairman convened with delegates from multiple organizations to detail the scope of the oversight body this week and insisted it was a "proactive meeting" with a "high level of engagement" from the lower divisions to the top flight.

"It's a job that's actually really important, because should mistakes occur, if the world of football gets it wrong, the remarkable development accomplished could disappear swiftly," the chairman stated.

"And that's what nobody wants in the context of the English game is a huge success story - we must maintain momentum.

"There's an enormous amount of money coming into football and has been channeled for the recent generations, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on potential dangers and naturally, of the immediate future."

Elite Division Worries

Top flight officials resisted the formation of an authority because of concerns about detrimental effects on the Premier League's sporting equality, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an commercial operation of the Premier League.

"I of all people understand the apprehension regarding damaging the division as a high-quality offering of this country. But concurrently, 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 telling us in private they have a high level of reassurance."

Political Connections

The chairman continues to confront a "full inquiry" by the Commissioner for Public Appointments after he acknowledged providing funds to the opposition group in recent years.

The 68-year-old contributed funds to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my previous political affiliation [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the chairman stated.

"I am presently disconnected from any type of partisan engagement."