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The Championship club's current difficulties are seen as a "significant problem" and the new football authority is aiming to acquire authority to examine team situations in such situations, the newly appointed chairman the regulator has announced.

Through a comprehensive talk, 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 in recent days.

The Championship side have been facing challenges both on and off the pitch in this season, with the club missing wage payments on several different times, including in September.

"Evidently Wednesday represents a major concern for the league and a significant problem for football," the chairman stated.

"The club represents one of the great brands for English football and this week we have met supporters' organizations.

"Our aim is to acquire the ability... which will permit us to bring the club and similar situations referred to us if they require examination and addressed."

Monetary Issues and Ownership Situation

The team's struggling chairman the Thai businessman stated during the off-season he would be open to selling the club at Hillsborough, but he has not been able to secure a deal with interested parties.

Failure to pay player wages on time in spring months led to sanctions by the football authorities in June, stopping Wednesday from completing any transfers or loans for the following recruitment periods, although the ban was rescinded in August.

Official's Viewpoint

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, other clubs in similar situations where people are committed to a regional establishment that has represented their community in multiple situations.

"I completely understand the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or been close to going to the wall, for factors unrelated to the fans themselves."

Inquired if the oversight body could require an chairman to relinquish a club if they are judged inappropriate, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and know what's going on, we will."

But the regulator clarified that compelling proprietors to divest clubs would be viewed as the ultimate measure and the regulator would prefer to collaborate with owners.

"The last thing what we want to do is commence engagement with an particular organization, an specific proprietor, without being able to work with that chairman to fix the challenges confronting the team and the owner's facing," the regulator explained.

"In actuality, when you examine the past of football, over the past few decades there have been particular chairmen, few in number, but some who have been irresponsible in the way which they've been managing their organizations and finally decline to assume obligation for the future."

'Errors may undo substantial development'

The regulator engaged officials from numerous teams to explain the responsibilities of the regulator on Wednesday and stated it constituted a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"The role holds considerable importance, because if we get it wrong, if the world of football gets it wrong, the significant advances achieved necessary will vanish rapidly," Kogan said.

"This represents everyone's worst fear in the context of the English game is a substantial accomplishment - we've got to keep it going.

"There's an enormous amount of money entering the sport and has come into football for the last 20 or 25 years, because there are no assurances 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."

Premier League Concerns

Elite division representatives objected to the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to 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 this country. But at the same time, if you consult with top flight officials after today's meeting, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

The regulator remains subject to a "full inquiry" by the public appointments commissioner after he disclosed making donations to the political party in recent years.

The chairman provided financial support for Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I have been entirely transparent regarding my past party membership [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the regulator explained.

"I am no longer involved in any form of political activity."