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The Championship club's current difficulties are seen as a "significant problem" and the football regulator is seeking powers to look into club affairs in such situations, the newly appointed chairman the official has declared.

During an extensive discussion, the regulator, who was appointed on Monday, showed understanding towards supporters of the Owls.

The regulator engaged with four fan organizations associated with the Championship side recently.

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 last month.

"Obviously the club has become a significant problem for EFL and a significant problem for football," Kogan told.

"Sheffield Wednesday is one of the historic institutions for the English game and recently we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will enable us to take the club and similar situations submitted for our review if they warrant scrutiny and addressed."

Economic Challenges and Proprietorship Status

The team's struggling chairman Dejphon Chansiri stated during the off-season he would be open to selling the club at their home ground, but he has failed to complete a sale with prospective buyers.

Failure to pay player wages on time in March and May caused limitations by the football authorities in mid-year, blocking the team from conducting any player acquisitions for the following recruitment periods, although that restriction was lifted in late summer.

Regulator's Perspective

The regulator explained: "Our role exists to serve the fans of Sheffield Wednesday, teams facing challenges where people are committed to a local institution that has existed throughout their lifetimes in numerous instances.

"I fully appreciate Sheffield Wednesday, as I do for each organization that over recent decades have faced collapse, or approached financial ruin, for factors unrelated to the supporters."

When asked if the regulator could force an owner to sell a club if they are considered unfit, 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 compelling proprietors to divest clubs would be viewed as the ultimate measure and the authority would rather to work with them.

"The final option we would consider is commence engagement with an particular organization, an particular chairman, without being able to work with that chairman to fix the problems affecting the organization and the chairman's encountering," the chairman stated.

"In actuality, when you review the record of the sport, over the last 20 or 30 years there have been certain proprietors, a small minority, but some who have been irresponsible in the manner they have operated their organizations and finally decline to assume obligation for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged representatives from 110 clubs to explain the responsibilities of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "high level of engagement" from the National League to the Premier League.

"This position carries substantial significance, because if errors are made, if the world of football gets it wrong, the significant advances achieved could disappear incredibly quickly," Kogan said.

"Such an outcome is universally undesirable in the context of the English game is a substantial accomplishment - we must maintain momentum.

"Considerable investment coming into football and has come into football for the recent generations, because there's no guarantee it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on challenges and obviously, of the immediate future."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the Premier League's sporting equality, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an economic entity of the top division.

"I of all people understand the concern of undermining the division as a high-quality offering of England. But concurrently, if you consult with top flight officials after today's meeting, they would have had a substantial amount of confidence -and, in fact, they have been telling us in private they have a considerable comfort."

Partisan Associations

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the political party in the past.

The chairman provided financial support for Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.

"I've been completely open about my former ideological connection [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," Kogan said.

"I currently have no participation in any type of partisan engagement."