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Sheffield Wednesday's current difficulties represent a a "significant problem" and the independent regulator is seeking powers to look into club affairs in similar circumstances, the newly appointed chairman David Kogan has announced.

Through a comprehensive talk, Kogan, who was named to the position this week, showed understanding towards supporters of the Owls.

The chairman convened with four supporter groups associated with the football team in recent days.

The football club 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.

"Obviously the club has become a serious issue for football authorities and a major challenge for the sport," Kogan told.

"The club represents one of the iconic names for football in England and recently we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will allow us to have the club and similar situations referred to us if they warrant scrutiny and acted upon."

Monetary Issues and Ownership Situation

Wednesday's embattled owner the Thai businessman indicated in the summer he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Missed wage deadlines on time in spring months caused limitations by the football authorities in June, blocking the team from conducting any transfers or loans for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

Kogan said: "Our role exists to serve the supporters of Wednesday, teams facing challenges where people are committed to a regional establishment that has been part of their lives in many cases.

"I fully appreciate Sheffield Wednesday, as I do for all the clubs that over recent decades have faced collapse, or approached financial ruin, for causes separate from the fans themselves."

Inquired if the authority might compel an owner to sell a club if they are deemed unsuitable, the regulator answered: "When asking whether 'would we intervene in the final instance?', the reply is once we collect the information and comprehend the circumstances, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be considered the final option and the authority would rather to cooperate with proprietors.

"The final option we would consider is commence engagement with an particular organization, an particular chairman, without having the opportunity to collaborate with that proprietor to address the challenges confronting the team and the chairman's encountering," Kogan said.

"However, realistically, when you review the record of the sport, over the recent generations there have been particular chairmen, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their organizations and finally refuse to accept accountability for the future."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and stated it constituted a "progressive gathering" with a "substantial involvement" from the National League to the Premier League.

"This position carries substantial significance, because should mistakes occur, if the world of football gets it wrong, the remarkable development accomplished necessary will vanish rapidly," the regulator warned.

"Such an outcome is universally undesirable in the context of the English game is a huge success story - we've got to keep it going.

"Considerable investment flowing into the game and has come into football for the last 20 or 25 years, because there are no assurances it will persist in entering the game, which is part of the rationale behind I think we have to take a really clear view on challenges and obviously, of the next two or three years."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I completely endorse the achievement and development as an commercial operation of the Premier League.

"Being fully aware of the worry about compromising the top flight as an elite competition of England. But concurrently, if you engage with division representatives after this week's discussion, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a significant confidence."

Political Connections

The regulator remains subject to a "full inquiry" by the official appointments authority after he revealed he contributed money to the opposition group in the past.

The official provided financial support for Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.

"I have fully disclosed my past party membership [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.

"I am presently disconnected from any form of political activity."