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Sheffield Wednesday's current difficulties represent a a "serious issue" and the football regulator is looking to gain the ability to investigate clubs in similar circumstances, the recently named head 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 connected to the South Yorkshire club this week.

The Championship side have been struggling on and off the field in this season, with the club failing to pay players on time on five separate occasions, including in September.

"Clearly Sheffield Wednesday has been a major concern for the league and a major challenge for the sport," the chairman stated.

"The club represents one of the historic institutions for the English game and recently we have met fan representatives.

"Our aim is to acquire the ability... which will permit us to bring the club and similar situations referred to us if they need to be investigated and dealt with."

Economic Challenges and Proprietorship Status

Wednesday's embattled owner the current owner indicated in the summer he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with interested parties.

Missed wage deadlines on time in March and May resulted in restrictions being imposed by the English Football League (EFL) in June, preventing the club from carrying out any recruitment activities for the subsequent signing windows, although that restriction was lifted in August.

Authority's Position

The regulator explained: "Our role exists to serve the fans of Sheffield Wednesday, Bury or any football club where people are committed to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I fully appreciate Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the supporters."

Questioned about whether the oversight body could require an owner to sell a club if they are deemed unsuitable, the chairman responded: "If your question is 'would we intervene in the final instance?', the answer is once we gather the evidence and know what's going on, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be considered the final option and the oversight body would choose to work with them.

"The final option we would consider is begin intervening in an particular organization, an specific proprietor, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the proprietor's dealing with," the regulator explained.

"In actuality, when you examine the past of the game, over the last 20 or 30 years there have been some owners, few in number, but some who have been irresponsible in the manner they have operated their teams and eventually 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 oversight body this week and stated it constituted a "forward-thinking discussion" with a "substantial involvement" from the lower divisions to the top flight.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the extraordinary progress that's been made necessary will vanish rapidly," the chairman stated.

"This represents everyone's worst fear in the context of the English game is a huge success story - we need to continue the progress.

"Substantial financial resources entering the sport and has been channeled for the last 20 or 25 years, because certainty is lacking it will persist in entering the game, which is part of the rationale behind I think we have to take a really clear view on potential dangers and naturally, of the next two or three years."

Premier League Concerns

The Premier League opposed the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but the regulator stated: "I'm absolutely committed to the achievement and development as an commercial operation of the top division.

"As someone who appreciates the apprehension regarding damaging the division as a high-quality offering of this country. But at the same time, if you consult with top flight officials after the recent gathering, they would have had a substantial amount of confidence -and, indeed, they have been informing us confidentially they have a significant confidence."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the Labour Party in recent years.

The official provided financial support for Culture Secretary the minister's leadership bid, along with that of the government leader.

"I've been completely open about my previous political affiliation [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," Kogan said.

"I currently have no participation in any sort of politics."