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The team's persistent issues constitute a "significant problem" and the independent regulator is aiming to acquire authority to look into club affairs in similar circumstances, the recently named head David Kogan has announced.

In a wide-ranging interview, the regulator, who was recently selected, voiced concern towards Wednesday's fanbase.

Kogan met with four supporters' associations associated with the South Yorkshire club recently.

The Championship side have been struggling on and off the field in this season, with the club missing wage payments on five separate occasions, including in last month.

"Evidently Wednesday represents a major concern for the league and a substantial concern for English football," Kogan told.

"Wednesday stands as one of the historic institutions for the English game and in recent days we have met fan representatives.

"Our aim is to acquire the ability... which will permit us to bring Sheffield Wednesday - and other clubs submitted for our review if they need to be investigated and dealt with."

Monetary Issues and Leadership Concerns

The club's controversial proprietor Dejphon Chansiri suggested earlier this year he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with prospective buyers.

Delayed salary payments on time in spring months resulted in restrictions being imposed by the league officials in summer, stopping Wednesday from completing any player acquisitions for the subsequent signing windows, although that restriction was lifted in late summer.

Official's Viewpoint

Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, Bury or any football club where people are committed to a community organization that has been part of their lives in numerous instances.

"I have absolute sympathy for the club's situation, as I do for each organization that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the followers."

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

But Kogan stressed that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.

"Our least desirable course of action is begin intervening in an particular organization, an particular chairman, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the chairman's encountering," the chairman stated.

"In actuality, when you review the record of football, over the past few decades there have been particular chairmen, not many, but some who have been irresponsible in the way which they've been managing their organizations and finally don't wish to take responsibility for the long-term prospects."

'Errors may undo substantial development'

Kogan met with officials from numerous teams to detail the scope of the oversight body this week and stated it constituted a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"The role holds considerable importance, because should mistakes occur, if the sport makes errors, the remarkable development accomplished necessary will vanish rapidly," Kogan said.

"Such an outcome is universally undesirable in the terms of English football is a major achievement - we've got to keep it going.

"Considerable investment entering the sport and has come into football for the recent generations, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the coming seasons."

Premier League Concerns

Top flight officials resisted the creation of a regulator because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the achievement and development as an economic entity of the Premier League.

"As someone who appreciates the worry about compromising the division as a high-quality offering of England. But simultaneously, if you consult with top flight officials after the recent gathering, they would have had a substantial amount of confidence -and, in fact, they have been telling us in private they have a significant confidence."

Ideological Links

The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the opposition group in the past.

The 68-year-old donated money to government minister the minister's leadership bid, along with that of the current Prime Minister.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that party membership ceased the day the official body endorsed my nomination," the regulator explained.

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