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The Championship club's persistent issues constitute a "serious issue" and the new football authority is seeking powers to look into club affairs in similar circumstances, the recently named head David Kogan has declared.

In a wide-ranging interview, the chairman, who was named to the position this week, showed understanding towards the club's followers.

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

The team have been facing challenges both on and off the pitch in this season, 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 major challenge for the sport," Kogan told.

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

"We're now looking to get powers... which will enable us to take the club and similar situations submitted for our review if they require examination and acted upon."

Economic Challenges and Ownership Situation

The club's controversial proprietor the current owner suggested earlier this year he would be open to selling the club at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Delayed salary payments on time in spring months led to sanctions by the league officials in mid-year, blocking the team from conducting any transfers or loans for the next three transfer windows, although those limitations were removed in August.

Official's Viewpoint

The chairman stated: "The position was created for the Owls followers, other clubs in similar situations where fans are dedicated to a local institution that has represented their community in many cases.

"I completely understand Sheffield Wednesday, as I do for every team that in modern times have encountered failure, or approached financial ruin, for factors unrelated to the fans themselves."

Inquired if the authority might compel an chairman to relinquish a club if they are considered unfit, the regulator answered: "If your question is 'would we intervene in the final instance?', the response would be once we collect the information and understand the situation, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to collaborate with owners.

"The last thing what we want to do is start getting involved with an specific team, an specific proprietor, without having the opportunity to collaborate 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 football, over the recent generations there have been some owners, few in number, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

The chairman convened with 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 grassroots to elite level.

"The role holds considerable importance, because if errors are made, if the football community fails, the extraordinary progress that's been made could disappear rapidly," the chairman stated.

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

"There's an enormous amount of money flowing into the game and has been channeled for the past two decades, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the coming seasons."

Top Flight Apprehensions

The Premier League opposed the creation of a regulator because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the regulator stated: "I fully support the achievement and development as an commercial operation of the Premier League.

"I of all people understand the worry about compromising the division as a high-quality offering of this country. But concurrently, if you talk to the Premier League after this week's discussion, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a significant confidence."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he revealed he contributed money to the political party in the past.

The chairman donated money to Culture Secretary the minister's leadership bid, along with that of the government leader.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the chairman stated.

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