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The team's persistent issues represent a a "significant problem" and the football regulator is seeking powers to look into club affairs in comparable cases, the newly appointed chairman David Kogan has stated.

During an extensive discussion, Kogan, who was recently selected, expressed "sympathy" towards supporters of the Owls.

The regulator engaged with four supporters' associations connected to the South Yorkshire club this week.

The team have been facing challenges both on and off the pitch in this season, with the club missing wage payments on several different times, including in September.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a major challenge for the sport," the regulator explained.

"The club represents one of the historic institutions for football in England and this week we have met Sheffield Wednesday supporters' groups.

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

Financial Struggles and Ownership Situation

The club's controversial proprietor the Thai businessman indicated in the summer he would be open to selling the club at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Missed wage deadlines on time in spring months resulted in restrictions being imposed by the football authorities in June, preventing the club from carrying out any player acquisitions for the next three transfer windows, although those limitations were removed in the end of the transfer window.

Authority's Position

Kogan said: "Our role exists to serve the Owls followers, Bury or any football club where supporters are loyal to a regional establishment that has been part of their lives in multiple situations.

"I have absolute sympathy for Sheffield Wednesday, as I do for all the clubs that in modern times have encountered failure, or nearly ceased operations, for factors unrelated to the fans themselves."

When asked if the oversight body could require an chairman to relinquish a club if they are judged inappropriate, the regulator answered: "If your question is 'would we intervene in the final instance?', the response would be once we collect the information and comprehend the circumstances, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be treated as a "last resort" and the authority would rather to cooperate with proprietors.

"The final option we would consider is begin intervening in an specific team, an specific proprietor, without being in a position to cooperate with that proprietor to address the problems affecting the organization and the chairman's encountering," the chairman stated.

"But the truth is, when you look back over the history of the sport, over the recent generations there have been some owners, a small minority, but certain individuals who have acted carelessly in the manner they have operated their clubs and ultimately refuse to accept accountability for the future."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to detail the scope of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because if errors are made, if the football community fails, the remarkable development accomplished could disappear rapidly," the regulator warned.

"This represents everyone's worst fear in the context of the English game is a huge success story - we've got to keep it going.

"Substantial financial resources coming into football and has come into football for the past two decades, 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 next two or three years."

Elite Division Worries

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 chairman responded: "I fully support the success and growth as an financial organization of the Premier League.

"As someone who appreciates the apprehension regarding damaging the Premier League as a premium product of the nation. But concurrently, if you engage with division representatives after this week's discussion, they would have had a high level of reassurance -and, indeed, they have been advising us privately they have a considerable comfort."

Political Connections

Kogan is still facing a "thorough examination" by the public appointments commissioner after he acknowledged providing funds to the political party in the past.

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

"I have been entirely transparent regarding my former ideological connection [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the chairman stated.

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