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Sheffield Wednesday's current difficulties represent a a "significant problem" and the football regulator is seeking powers to examine team situations in such situations, its new chair the regulator has stated.

In a wide-ranging interview, the chairman, who was recently selected, showed understanding towards supporters of the Owls.

The chairman convened with four fan organizations associated with the football team this week.

The team have been facing challenges both on and off the pitch in the current year, with the club missing wage payments on multiple instances, including in last month.

"Evidently Wednesday represents a significant problem for EFL and a major challenge for the sport," the regulator explained.

"Sheffield Wednesday is one of the historic institutions for English football and recently we have met fan representatives.

"We are seeking authority... which will enable us to take Sheffield Wednesday - and other clubs submitted for our review if they require examination and acted upon."

Economic Challenges and Ownership Situation

The club's controversial proprietor the current owner indicated in the summer he would be willing to sell up at the stadium, but he has been unable to finalize an agreement with interested parties.

Missed wage deadlines on time in earlier this year caused limitations by the English Football League (EFL) in summer, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although the ban was rescinded in August.

Regulator's Perspective

The regulator explained: "Our role exists to serve the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a regional establishment that has represented their community in many cases.

"I fully appreciate the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for causes separate from the followers."

Inquired if the regulator could force an proprietor to divest a club if they are judged inappropriate, the chairman responded: "Should the inquiry concern '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 work with them.

"The last thing what we want to do is start getting involved with an individual club, an particular chairman, without being able to work with that proprietor to address the challenges confronting the team and the proprietor's dealing with," the regulator explained.

"However, realistically, when you look back over the history of the game, over the last 20 or 30 years there have been certain proprietors, 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."

'Mistakes could erase significant advances'

The chairman convened with delegates from multiple organizations to detail the scope of the oversight body this week and maintained it represented a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because if errors are made, if the sport makes errors, the extraordinary progress that's been made might evaporate swiftly," the chairman stated.

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

"Substantial financial resources flowing into the game and has been invested for the recent generations, because certainty is lacking it will keep flowing into the sport, which is among the factors explaining I think we have to adopt a precise perspective on risk and of course, of the immediate future."

Elite Division Worries

Elite division representatives objected to the formation of an authority because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I fully support the achievement and development as an economic entity of the Premier League.

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of this country. But at the same time, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, actually, they have been telling us in private they have a high level of reassurance."

Political Connections

The regulator remains subject to a "full inquiry" by the Commissioner for Public Appointments after he disclosed making donations to the Labour Party in the past.

The chairman provided financial support for Culture Secretary Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my previous political affiliation [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.

"I am no longer involved in any form of political activity."