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The Championship club's ongoing struggles are seen as a "serious issue" and the independent regulator is looking to gain the ability to look into club affairs in similar circumstances, its new chair David Kogan has declared.

In a wide-ranging interview, the chairman, who was recently selected, voiced concern towards supporters of the Owls.

The regulator engaged with four supporter groups associated with the football team this week.

The Championship side have been facing challenges both on and off the pitch in this season, with the club delaying salary disbursements on several different times, including in last month.

"Obviously the club has become a significant problem for EFL and a significant problem for football," Kogan told.

"Wednesday stands as one of the iconic names for English football and recently we have met supporters' organizations.

"We're now looking to get powers... which will allow us to have Wednesday and comparable cases referred to us 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 open to selling the club at their home ground, but he has failed to complete a sale with potential new owners.

Delayed salary payments on time in spring months caused limitations by the league officials in summer, preventing the club from carrying out any transfers or loans for the following recruitment periods, although those limitations were removed in August.

Official's Viewpoint

The regulator explained: "The position was created for the Owls followers, other clubs in similar situations where people are committed to a regional establishment that has represented their community in numerous instances.

"I completely understand the club's situation, as I do for every team that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the fans themselves."

Inquired if the regulator could force an proprietor to divest a club if they are judged inappropriate, the regulator answered: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and understand the situation, we will."

But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the authority would rather to collaborate with owners.

"The final option we would consider is commence engagement with an specific team, an individual owner, without being able to work with that owner to try and resolve the issues that the club's facing and the proprietor's dealing with," the chairman stated.

"But the truth is, when you examine the past of the sport, over the past few decades there have been some owners, few in number, but particular people who have shown negligence in the manner they have operated their organizations and finally don't wish to take responsibility for the coming years."

'Errors may undo substantial development'

The chairman convened with delegates from multiple organizations to detail the scope of the oversight body this week and maintained it represented a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the remarkable development accomplished could disappear incredibly quickly," Kogan said.

"This represents everyone's worst fear in the terms of English football is a huge success story - we must maintain momentum.

"Substantial financial resources entering the sport and has been channeled for the recent generations, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook 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 elite division's competitive balance, but the chairman responded: "I fully support the prosperity and expansion as an commercial operation of the elite league.

"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of England. But concurrently, if you engage with division representatives after the recent gathering, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a considerable comfort."

Ideological Links

The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he acknowledged providing funds to the Labour Party in 2020.

The chairman donated money to government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the regulator explained.

"I am no longer involved in any sort of politics."