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The team's ongoing struggles are seen as a "significant problem" and the independent regulator is looking to gain the ability to investigate clubs in comparable cases, the newly appointed chairman David Kogan has declared.

Through a comprehensive talk, the regulator, who was recently selected, voiced concern towards the club's followers.

The chairman convened with four fan organizations connected to the Championship side 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.

"Evidently Wednesday represents a serious issue for football authorities and a substantial concern for English football," Kogan told.

"Sheffield Wednesday is one of the great brands for English football and in recent days we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will allow us to have Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and dealt with."

Monetary Issues and Ownership Situation

Wednesday's embattled owner the current owner stated during the off-season he would be open to selling the club at the stadium, but he has not been able to secure a deal with potential new owners.

Failure to pay player wages on time in March and May led to sanctions by the English Football League (EFL) in June, stopping Wednesday from completing any player acquisitions for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Authority's Position

Kogan said: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where people are committed to a community organization that has existed throughout their lifetimes in multiple situations.

"I have absolute sympathy for the club's situation, as I do for every team that in modern times have encountered failure, or approached financial ruin, for reasons that have nothing to do with the followers."

Inquired if the authority might compel an chairman to relinquish a club if they are deemed unsuitable, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we collect the information and understand the situation, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be treated as a "last resort" and the oversight body would choose to cooperate with proprietors.

"Our least desirable course of action is commence engagement with an specific team, an specific proprietor, without being in a position to cooperate with that owner to try and resolve the issues that the club's facing and the owner's facing," the chairman stated.

"However, realistically, when you look back over the history of the game, over the last 20 or 30 years there have been some owners, not many, but certain individuals who have acted carelessly in the manner they have operated their clubs and ultimately decline to assume obligation for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with representatives from 110 clubs to lay out the remit of the oversight body this week and insisted it was a "forward-thinking discussion" with a "high level of engagement" from the lower divisions to the top flight.

"The role holds considerable importance, because if errors are made, if the sport makes errors, the extraordinary progress that's been made might evaporate swiftly," the regulator warned.

"This represents everyone's worst fear in the realm of domestic football is a major achievement - we need to continue the progress.

"Substantial financial resources coming into football and has been channeled for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the immediate future."

Elite Division Worries

The Premier League opposed the establishment of an oversight body because of fears of a negative impact on the Premier League's sporting equality, but the chairman responded: "I'm absolutely committed to the success and growth as an economic entity of the top division.

"As someone who appreciates the worry about compromising the division as a high-quality offering of the nation. But concurrently, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, in fact, they have been advising us privately they have a significant confidence."

Partisan Associations

The regulator remains subject to a "full inquiry" by the public appointments commissioner after he revealed he contributed money to the political party in the past.

The chairman contributed funds to Culture Secretary the politician's campaign, along with that of the current Prime Minister.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the chairman stated.

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