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The Championship club's current difficulties represent a a "significant problem" and the football regulator is aiming to acquire authority to look into club affairs in such situations, the recently named head David Kogan has announced.

During an extensive discussion, Kogan, who was recently selected, voiced concern towards the club's followers.

Kogan met with four supporters' associations connected to the South Yorkshire club this week.

The Championship side have been facing challenges both on and off the pitch in the current year, with the club failing to pay players on time on several different times, including in September.

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

"Wednesday stands as one of the iconic names for football in England and this week we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will permit us to bring the club and similar situations submitted for our review if they require examination and addressed."

Financial Struggles and Leadership Concerns

The club's controversial proprietor the current owner suggested earlier this year he would be willing to sell up at the stadium, but he has not been able to secure a deal with interested parties.

Delayed salary payments on time in spring months caused limitations by the league officials in summer, stopping Wednesday from completing any transfers or loans for the following recruitment periods, although those limitations were removed in late summer.

Authority's Position

The chairman stated: "Our role exists to serve the supporters of Wednesday, Bury or any football club where supporters are loyal to a regional establishment that has represented their community in numerous instances.

"I fully appreciate the team's plight, as I do for each organization that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the supporters."

When asked if the authority might compel an owner to sell a club if they are considered unfit, Kogan said: "If your question is 'would we intervene in the final instance?', the reply is once we assemble the facts and understand the situation, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be considered the final option and the oversight body would choose to work with them.

"The final option we would consider is begin intervening in an individual club, an specific proprietor, without being in a position to cooperate with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the regulator explained.

"However, realistically, when you review the record of football, over the last 20 or 30 years there have been certain proprietors, not many, but particular people who have shown negligence in the way which they've been managing their organizations and finally don't wish to take responsibility for the future."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with officials from numerous teams to lay out the remit of the regulator on Wednesday and stated it constituted a "forward-thinking discussion" with a "substantial involvement" from the lower divisions to the top flight.

"The role holds considerable importance, because if errors are made, if the sport makes errors, the extraordinary progress that's been made necessary will vanish rapidly," the regulator warned.

"This represents everyone's worst fear in the realm of domestic football is a major achievement - 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's no guarantee it will persist in entering the game, which is part of the rationale behind I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."

Premier League Concerns

The Premier League opposed the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I completely endorse the success and growth as an economic entity of the Premier League.

"As someone who appreciates the worry about compromising the Premier League as a premium product of the nation. 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, actually, they have been telling us in private they have a considerable comfort."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the political party in recent years.

The official contributed funds to government minister the politician's campaign, along with that of the current Prime Minister.

"I have fully disclosed my previous political affiliation [with Labour], and that party membership ceased the day the select committee approved my appointment," Kogan said.

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