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The team's persistent issues are seen as a "significant problem" and the independent regulator is seeking powers to look into club affairs in comparable cases, the recently named head David Kogan has announced.

In a wide-ranging interview, the regulator, who was named to the position this week, voiced concern towards the club's followers.

The chairman convened with four supporter groups representing the Championship side in recent days.

The football club have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on multiple instances, including in September.

"Obviously the club has become a major concern for the league and a significant problem for football," the regulator explained.

"Wednesday stands as one of the historic institutions for the English game 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 need to be investigated and dealt with."

Economic Challenges and Leadership Concerns

Wednesday's embattled owner the Thai businessman suggested earlier this year he would be willing to sell up at Hillsborough, but he has failed to complete a sale with potential new owners.

Failure to pay player wages on time in spring months led to sanctions by the English Football League (EFL) in summer, stopping Wednesday from completing any player acquisitions for the following recruitment periods, although the ban was rescinded in August.

Official's Viewpoint

The chairman stated: "The position was created for the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a local institution that has existed throughout their lifetimes in numerous instances.

"I fully appreciate Sheffield Wednesday, as I do for every team that over recent decades have faced collapse, or nearly ceased operations, for reasons that have nothing to do with the followers."

Inquired if the regulator could force an owner to sell a club if they are deemed unsuitable, the regulator answered: "If your question is 'would we intervene in the final instance?', the response would be once we gather the evidence and comprehend the circumstances, we will."

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

"The final option we would consider is commence engagement with an particular organization, an particular chairman, without being in a position to cooperate with that owner to try and resolve the challenges confronting the team and the chairman's encountering," Kogan said.

"But the truth is, when you examine the past of the game, over the past few decades there have been certain proprietors, few in number, but particular people who have shown negligence in the manner they have operated their organizations and finally decline to assume obligation for the long-term prospects."

'Mistakes could erase significant advances'

The regulator engaged delegates from multiple organizations to lay out the remit of the oversight body this week and stated it constituted a "forward-thinking discussion" with a "substantial involvement" from the National League to the Premier League.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the significant advances achieved could disappear rapidly," the regulator warned.

"This represents everyone's worst fear in the terms of English football is a substantial accomplishment - we've got to keep it going.

"Considerable investment entering the sport and has come into football for the past two decades, because there are no assurances it will keep flowing into the sport, which is among the factors explaining I think we have to take a really clear view on potential dangers and naturally, of the next two or three years."

Top Flight Apprehensions

The Premier League opposed the establishment of an oversight body because of apprehensions regarding adverse consequences 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.

"Being fully aware of the worry about compromising the top flight as an elite competition of England. But at the same time, if you talk to the Premier League after the recent gathering, they would have had a high level of reassurance -and, indeed, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in the past.

The 68-year-old contributed funds to government minister the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my previous political affiliation [with Labour], and that party membership ceased the day the official body endorsed my nomination," the chairman stated.

"I am presently disconnected from any type of partisan engagement."