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The Championship club's persistent issues are seen as a "significant problem" and the football regulator is seeking powers to investigate clubs in such situations, the newly appointed chairman David Kogan has announced.

In a wide-ranging interview, the regulator, who was appointed on Monday, showed understanding towards the club's followers.

The chairman convened with four supporter groups connected to the football team in recent days.

The team have been facing challenges both on and off the pitch in this season, with the club delaying salary disbursements on multiple instances, including in last month.

"Obviously the club has become a significant problem for EFL and a substantial concern for English football," Kogan told.

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

"We're now looking to get powers... which will permit us to bring Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and addressed."

Monetary Issues and Ownership Situation

The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be open to selling the club at the stadium, but he has failed to complete a sale with prospective buyers.

Failure to pay player wages on time in March and May caused limitations by the league officials in mid-year, preventing the club from carrying out any transfers or loans for the next three transfer windows, although that restriction was lifted in the end of the transfer window.

Regulator's Perspective

The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where fans are dedicated to a community organization that has been part of their lives in many cases.

"I have absolute sympathy for Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or been close to going to the wall, for reasons that have nothing to do with the supporters."

Inquired if the authority might compel 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 reply is once we collect the information and know what's going on, we will."

But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the regulator would prefer to work with them.

"Our least desirable course of action is start getting involved with an specific team, an specific proprietor, without being able to work with that proprietor to address the problems affecting the organization and the chairman's encountering," Kogan said.

"But the truth is, when you examine the past of the sport, over the last 20 or 30 years there have been certain proprietors, not many, but certain individuals who have acted carelessly in the approach they have taken toward their clubs and ultimately refuse to accept accountability for the coming years."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with delegates from multiple organizations to lay out the remit of the regulator on Wednesday and stated it constituted a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the sport makes errors, the significant advances achieved might evaporate rapidly," the chairman stated.

"And that's what nobody wants in the context of the English game is a major achievement - we need to continue the progress.

"Substantial financial resources coming into football and has been channeled for the past two decades, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the coming seasons."

Premier League Concerns

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the elite division's competitive balance, but the chairman responded: "I fully support the success and growth as an economic entity of the elite league.

"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of the nation. But at the same time, if you talk to the Premier League after the recent gathering, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a significant confidence."

Partisan Associations

Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in the past.

The official contributed funds to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the current Prime Minister.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the regulator explained.

"I currently have no participation in any form of political activity."