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The Championship club's persistent issues represent a a "serious issue" and the new football authority is seeking powers to look into club affairs in such situations, the newly appointed chairman David Kogan has declared.

During an extensive discussion, the chairman, who was named to the position this week, expressed "sympathy" towards Wednesday's fanbase.

Kogan met with four supporters' associations connected to the Championship side recently.

The Championship side 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 the autumn.

"Clearly Sheffield Wednesday has been a major concern for the league and a major challenge for the sport," the regulator explained.

"The club represents one of the iconic names for English football and recently we have met supporters' organizations.

"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs submitted for our review if they require examination and acted upon."

Financial Struggles and Ownership Situation

Wednesday's embattled owner the Thai businessman stated during the off-season he would be open to selling the club at Hillsborough, but he has failed to complete a sale with interested parties.

Missed wage deadlines on time in spring months led to sanctions by the English Football League (EFL) in mid-year, preventing the club from carrying out any player acquisitions for the subsequent signing windows, although that restriction was lifted in late summer.

Authority's Position

The chairman stated: "The position was created for the Owls followers, teams facing challenges where fans are dedicated to a regional establishment that has been part of their lives in many cases.

"I fully appreciate the team's plight, as I do for each organization that in modern times have encountered failure, or approached financial ruin, for reasons that have nothing to do with the followers."

Inquired if the oversight body could require an owner to sell a club if they are deemed unsuitable, Kogan said: "If your question is 'would we intervene in the final instance?', the response would be once we gather the evidence and know what's going on, we will."

But the chairman emphasized that forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to collaborate with owners.

"Our least desirable course of action is start getting involved with an individual club, an specific proprietor, without being in a position to cooperate with that chairman to fix the challenges confronting the team and the chairman's encountering," Kogan said.

"In actuality, when you look back over the history of the sport, over the recent generations there have been particular chairmen, not many, but certain individuals who have acted carelessly in the way which they've been managing their organizations and finally don't wish to take responsibility for the future."

'Errors may undo substantial development'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the authority recently and insisted it was a "proactive meeting" with a "significant participation" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the remarkable development accomplished could disappear incredibly quickly," the chairman stated.

"And that's what nobody wants in the context of the English game is a substantial accomplishment - we've got to keep it going.

"Substantial financial resources coming into football and has been channeled for the recent generations, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to take a really clear view on potential dangers and naturally, 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 elite division's competitive balance, but Kogan said: "I fully support the achievement and development as an financial organization of the elite league.

"I of all people understand the concern of undermining the Premier League as a premium product of England. But simultaneously, if you consult with top flight officials after today's meeting, they would have had a high level of reassurance -and, in fact, they have been informing us confidentially they have a high level of reassurance."

Ideological Links

The chairman continues to confront a "thorough examination" by the official appointments authority after he disclosed making donations to the Labour Party in recent years.

The chairman provided financial support for government minister the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my former ideological connection [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the chairman stated.

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