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The Championship club's current difficulties are seen as a "major concern" and the football regulator is seeking powers to investigate clubs in similar circumstances, its new chair the regulator has stated.

Through a comprehensive talk, the regulator, who was recently selected, voiced concern towards the club's followers.

The chairman convened with four fan organizations connected to the South Yorkshire club recently.

The football club have been struggling on and off the field in the current year, with the club missing wage payments on several different times, including in the autumn.

"Obviously the club has become a significant problem for EFL and a major challenge for the sport," the chairman stated.

"Sheffield Wednesday is one of the great brands for the English game and recently we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs referred to us if they require examination and dealt with."

Financial Struggles and Ownership Situation

The club's controversial proprietor the current owner suggested earlier this year he would be prepared to relinquish control at their home ground, but he has not been able to secure a deal with prospective buyers.

Delayed salary payments on time in spring months led to sanctions by the football authorities in mid-year, preventing the club from carrying out any player acquisitions for the following recruitment periods, although the ban was rescinded in late summer.

Regulator's Perspective

The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a community organization that has represented their community in numerous instances.

"I completely understand the team's plight, as I do for each organization that over recent decades have faced collapse, or nearly ceased operations, for reasons that have nothing to do with the supporters."

Questioned about whether the regulator could force an proprietor to divest a club if they are judged inappropriate, the chairman responded: "When asking whether 'would we intervene in the final instance?', the answer is once we gather the evidence and comprehend the circumstances, 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 collaborate with owners.

"The last thing what we want to do is begin intervening in an individual club, an particular chairman, without having the opportunity to collaborate with that chairman to fix the issues that the club's facing and the owner's facing," the regulator explained.

"But the truth is, when you examine the past of football, over the recent generations there have been some owners, few in number, but some who have been irresponsible in the approach they have taken toward their teams and eventually decline to assume obligation for the coming years."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with representatives from 110 clubs to lay out the remit of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "high level of engagement" from the lower divisions to the top flight.

"The role holds considerable importance, because if we get it wrong, if the world of football gets it wrong, the extraordinary progress that's been made might evaporate rapidly," the regulator warned.

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

"Considerable investment flowing into the game and has come into football for the recent generations, because there's no guarantee it will keep flowing into the sport, which is among the factors explaining I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."

Premier League Concerns

The Premier League opposed the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the success and growth as an financial organization of the elite league.

"As someone who appreciates the apprehension regarding damaging the Premier League as a premium product of England. But concurrently, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, in fact, they have been informing us confidentially they have a considerable comfort."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the political party in the past.

The official contributed funds to government minister the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.

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