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The team's ongoing struggles are seen as a "significant problem" and the football regulator is looking to gain the ability to examine team situations in such situations, its new chair David Kogan has stated.

During an extensive discussion, Kogan, who was appointed on Monday, voiced concern towards Wednesday's fanbase.

The regulator engaged with four supporters' associations representing the football team recently.

The team have been struggling on and off the field in this season, with the club delaying salary disbursements on five separate occasions, including in last month.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a significant problem for football," Kogan told.

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

"We are seeking authority... which will enable us to take the club and similar situations brought to our attention if they warrant scrutiny and addressed."

Economic Challenges and Ownership Situation

The team's struggling chairman the current owner suggested earlier this year he would be prepared to relinquish control at their home ground, but he has failed to complete a sale with prospective buyers.

Delayed salary payments on time in earlier this year caused limitations by the league officials in mid-year, blocking the team from conducting any player acquisitions for the subsequent signing windows, although those limitations were removed in the end of the transfer window.

Official's Viewpoint

The regulator explained: "The position was created for the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a regional establishment that has represented their community in numerous instances.

"I have absolute sympathy for Sheffield Wednesday, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for reasons that have nothing to do with the followers."

When asked if the oversight body could require an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we assemble the facts and understand the situation, we will."

But the regulator clarified that forcing owners to sell clubs would be considered the final option and the regulator would prefer to work with them.

"The final option we would consider is start getting involved with an specific team, an specific proprietor, without having the opportunity to collaborate with that chairman to fix the challenges confronting the team and the owner's facing," Kogan said.

"But the truth is, when you review the record of football, over the recent generations there have been particular chairmen, not many, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the long-term prospects."

'Mistakes could erase significant advances'

Kogan met with delegates from multiple organizations to detail the scope of the regulator on Wednesday and maintained it represented a "progressive gathering" with a "high level of engagement" from the lower divisions to the top flight.

"It's a job that's actually really important, because should mistakes occur, if the world of football gets it wrong, the extraordinary progress that's been made might evaporate rapidly," 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 entering the sport and has come into football for the past two decades, 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 potential dangers and naturally, of the immediate future."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of fears of a negative impact on the elite division's competitive balance, but the chairman responded: "I'm absolutely committed to the prosperity and expansion as an commercial operation of the Premier League.

"As someone who appreciates the concern of undermining the top flight as an elite competition of the nation. But simultaneously, if you consult with top flight officials after the recent gathering, they would have had a significant degree of comfort -and, actually, they have been informing us confidentially they have a high level of reassurance."

Political Connections

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

The official donated money to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the government leader.

"I have been entirely transparent regarding my previous political affiliation [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 type of partisan engagement."