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Sheffield Wednesday's current difficulties constitute a "major concern" and the football regulator is aiming to acquire authority to investigate clubs in similar circumstances, its new chair David Kogan has stated.

Through a comprehensive talk, the regulator, who was named to the position this week, voiced concern towards supporters of the Owls.

The chairman convened with four fan organizations connected to the football team in recent days.

The team have been struggling on and off the field in this season, with the club failing to pay players on time on five separate occasions, including in September.

"Evidently Wednesday represents a significant problem for EFL and a major challenge for the sport," the regulator explained.

"Sheffield Wednesday is one of the historic institutions for football in England and this week we have met supporters' organizations.

"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and dealt with."

Monetary Issues and Proprietorship Status

Wednesday's embattled owner the current owner suggested earlier this year he would be willing to sell up at their home ground, but he has not been able to secure a deal with prospective buyers.

Delayed salary payments on time in earlier this year led to sanctions by the English Football League (EFL) in summer, blocking the team from conducting any player acquisitions for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Authority's Position

Kogan said: "The position was created for the Owls followers, Bury or any football club where people are committed to a community organization that has been part of their lives in numerous instances.

"I completely understand the team's plight, as I do for every team that in modern times have encountered failure, or been close to going to the wall, for reasons that have nothing to do with the followers."

When asked if the oversight body could require an proprietor to divest a club if they are judged inappropriate, the regulator answered: "If your question is 'would we intervene in the final instance?', the answer is once we gather the evidence and comprehend the circumstances, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be treated as a "last resort" and the regulator would prefer to collaborate with owners.

"The final option we would consider is commence engagement with an specific team, an individual owner, without being in a position to cooperate with that proprietor to address the challenges confronting the team and the chairman's encountering," the chairman stated.

"But the truth is, when you review the record of the game, over the last 20 or 30 years there have been some owners, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their organizations and finally decline to assume obligation for the coming years."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged representatives from 110 clubs to detail the scope of the oversight body this week and stated it constituted a "proactive meeting" with a "high level of engagement" from the National League to the Premier League.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the remarkable development accomplished necessary will vanish swiftly," the chairman stated.

"This represents everyone's worst fear in the terms of English football is a huge success story - we've got to keep it going.

"There's an enormous amount of money coming into football and has been channeled for the recent generations, because there's no guarantee it will continue to come into football, which is part of the rationale behind I think we have to adopt a precise perspective on potential dangers and naturally, of the next two or three years."

Elite Division Worries

The Premier League opposed the creation of a regulator because of fears of a negative impact on the top-flight's competitiveness, but the chairman responded: "I fully support the achievement and development as an economic entity of the top division.

"I of all people understand the concern of undermining the top flight as an elite competition of the nation. But simultaneously, if you engage with division representatives after the recent gathering, they would have had a substantial amount of confidence -and, indeed, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the public appointments commissioner after he acknowledged providing funds to the political party in recent years.

The chairman provided financial support for government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my past party membership [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 type of partisan engagement."