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The team's persistent issues constitute a "serious issue" and the football regulator is seeking powers to examine team situations in similar circumstances, its new chair David Kogan has declared.

In a wide-ranging interview, Kogan, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.

The regulator engaged with four fan organizations representing the South Yorkshire club in recent days.

The Championship side have been experiencing difficulties in multiple areas in the current year, with the club missing wage payments 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 the English game and this week we have met supporters' organizations.

"We are seeking authority... which will enable us to take the club and similar situations referred to us if they require examination and acted upon."

Economic Challenges and Proprietorship Status

Wednesday's embattled owner the Thai businessman indicated in the summer he would be open to selling the club at Hillsborough, but he has not been able to secure a deal with potential new owners.

Missed wage deadlines on time in earlier this year resulted in restrictions being imposed by the football authorities in mid-year, stopping Wednesday from completing any player acquisitions for the following recruitment periods, although the ban was rescinded in the end of the transfer window.

Official's Viewpoint

The regulator explained: "The job [of the regulator] is there for the Owls followers, Bury or any football club where fans are dedicated to a local institution that has been part of their lives in multiple situations.

"I completely understand Sheffield Wednesday, as I do for all the clubs that over recent decades have faced collapse, or approached financial ruin, for causes separate from the supporters."

Questioned about whether the oversight body could require an chairman to relinquish a club if they are considered unfit, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we collect the information and know what's going on, we will."

But the chairman emphasized that forcing owners to sell clubs would be considered the final option and the regulator would prefer to cooperate with proprietors.

"The final option we would consider is begin intervening in an individual club, an particular chairman, without having the opportunity to collaborate with that owner to try and resolve the challenges confronting the team and the proprietor's dealing with," the regulator explained.

"But the truth is, when you review the record of the sport, over the recent generations there have been particular chairmen, not many, but some who have been irresponsible in the manner they have operated their organizations and finally don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

The regulator engaged representatives from 110 clubs to explain the responsibilities of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "significant participation" from the lower divisions to the top flight.

"This position carries substantial significance, because if we get it wrong, if the sport makes errors, the remarkable development accomplished necessary will vanish rapidly," Kogan said.

"This represents everyone's worst fear in the context of the English game is a huge success story - we must maintain momentum.

"Considerable investment flowing into the game and has been channeled for the recent generations, because there's no guarantee it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on risk and of course, of the next two or three years."

Top Flight Apprehensions

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, 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 concern of undermining the Premier League as a premium product of the nation. But at the same time, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, actually, they have been advising us privately they have a considerable comfort."

Partisan Associations

The chairman continues to confront a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in the past.

The 68-year-old contributed funds to Culture Secretary the minister's leadership bid, along with that of the government leader.

"I've been completely open about my past party membership [with Labour], and that party membership ceased the day the official body endorsed my nomination," Kogan said.

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