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The team's current difficulties are seen as a "serious issue" and the football regulator is looking to gain the ability to examine team situations in comparable cases, the recently named head David Kogan has stated.

In a wide-ranging interview, Kogan, who was appointed on Monday, voiced concern towards Wednesday's fanbase.

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

The team have been facing challenges both on and off the pitch in this season, with the club missing wage payments on multiple instances, including in September.

"Obviously the club has become a serious issue for football authorities and a substantial concern for English football," Kogan told.

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

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

Monetary Issues and Leadership Concerns

The club's controversial proprietor the Thai businessman suggested earlier this year he would be willing to sell up at their home ground, but he has failed to complete a sale with prospective buyers.

Missed wage deadlines on time in earlier this year caused limitations by the football authorities in June, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although those limitations were removed in the end of the transfer window.

Regulator's Perspective

The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, other clubs in similar situations where people are committed to a local institution that has represented their community in multiple situations.

"I fully appreciate the club's situation, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for factors unrelated to the supporters."

Questioned about whether the oversight body could require an proprietor to divest 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 assemble the facts and know what's going on, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the authority would rather to collaborate with owners.

"Our least desirable course of action is commence engagement with an individual club, an individual owner, without being able to work with that proprietor to address the challenges confronting the team and the owner's facing," the regulator explained.

"But the truth is, when you review the record of the sport, over the last 20 or 30 years there have been certain proprietors, a small minority, but some who have been irresponsible in the approach they have taken toward their clubs and ultimately don't wish to take responsibility for the long-term prospects."

'Errors may undo substantial development'

Kogan met with representatives from 110 clubs to lay out the remit of the oversight body this week and maintained it represented a "proactive meeting" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the extraordinary progress that's been made might evaporate swiftly," Kogan said.

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

"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 keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on challenges and obviously, of the next two or three years."

Top Flight Apprehensions

Top flight officials resisted the creation of a regulator because of fears of a negative impact on the Premier League's sporting equality, but the chairman responded: "I completely endorse the success and growth as an economic entity of the elite league.

"I of all people understand the concern of undermining the top flight as an elite competition of this country. But concurrently, if you consult with top flight officials after the recent gathering, they would have had a significant degree of comfort -and, indeed, they have been informing us confidentially they have a considerable comfort."

Political Connections

Kogan is still facing a "thorough examination" by the official appointments authority after he disclosed making donations to the Labour Party in the past.

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

"I have been entirely transparent regarding my past party membership [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the regulator explained.

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