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The Championship club's persistent issues constitute a "serious issue" and the independent regulator is seeking powers to investigate clubs in similar circumstances, the newly appointed chairman David Kogan has declared.

In a wide-ranging interview, the regulator, who was recently selected, voiced concern towards supporters of the Owls.

Kogan met with four supporters' associations connected to the Championship side recently.

The team have been experiencing difficulties in multiple areas in the current year, with the club delaying salary disbursements on several different times, including in last month.

"Obviously the club has become a major concern for the league and a significant problem for football," the regulator explained.

"Sheffield Wednesday is one of the iconic names for English football and recently we have met supporters' organizations.

"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases referred to us if they require examination and addressed."

Economic Challenges and Proprietorship Status

The club's controversial proprietor Dejphon Chansiri suggested earlier this year he would be open to selling the club at the stadium, but he has not been able to secure a deal with interested parties.

Delayed salary payments on time in spring months caused limitations by the league officials in mid-year, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although the ban was rescinded in August.

Official's Viewpoint

Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, teams facing challenges where people are committed to a local institution that has represented their community in multiple situations.

"I have absolute sympathy for the club's situation, 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 followers."

Inquired if the oversight body could require an owner to sell a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the reply is once we gather the evidence and understand the situation, we will."

But Kogan stressed that forcing owners to sell clubs would be viewed as the ultimate measure and the oversight body would choose to work with them.

"The final option we would consider is start getting involved with an particular organization, an individual owner, without being able to work with that owner to try and resolve the challenges confronting the team and the chairman's encountering," Kogan said.

"But the truth is, when you review the record of the game, over the recent generations there have been particular chairmen, a small minority, but some who have been irresponsible in the way which they've been managing their clubs and ultimately decline to assume obligation for the long-term prospects."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and maintained it represented a "progressive gathering" with a "high level of engagement" from the grassroots to elite level.

"The role holds considerable importance, because if errors are made, if the sport makes errors, the extraordinary progress that's been made necessary will vanish rapidly," Kogan said.

"Such an outcome is universally undesirable in the terms of English football is a major achievement - we've got to keep it going.

"Considerable investment flowing into the game and has been channeled for the last 20 or 25 years, because there's no guarantee it will continue to come into football, which is among the factors explaining I think we have to adopt a precise perspective on potential dangers and naturally, of the immediate future."

Top Flight Apprehensions

Elite division representatives objected to the creation of a regulator because of fears of a negative impact on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the prosperity and expansion as an commercial operation of the Premier League.

"As someone who appreciates the concern of undermining the top flight as an elite competition of this country. But at the same time, if you engage with division representatives after this week's discussion, they would have had a substantial amount of confidence -and, in fact, they have been advising us privately they have a considerable comfort."

Ideological Links

The chairman continues to confront a "full inquiry" by the public appointments commissioner after he revealed he contributed money to the Labour Party in recent years.

The 68-year-old provided financial support for government minister the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

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

"I am no longer involved in any sort of politics."