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The team's current difficulties constitute a "significant problem" and the independent regulator is looking to gain the ability to examine team situations in comparable cases, the newly appointed chairman David Kogan has announced.

During an extensive discussion, the regulator, who was recently selected, voiced concern towards supporters of the Owls.

The regulator engaged with four supporter groups associated with the Championship side recently.

The team have been experiencing difficulties in multiple areas in the current year, with the club failing to pay players on time on five separate occasions, including in September.

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

"Sheffield Wednesday is one of the historic institutions for the English game and in recent days we have met fan representatives.

"Our aim is to acquire the ability... which will allow us to have the club and similar situations submitted for our review if they need to be investigated and dealt with."

Monetary Issues and Proprietorship Status

The team's struggling chairman the current owner stated during the off-season he would be willing to sell up at their home ground, but he has failed to complete a sale with prospective buyers.

Delayed salary payments on time in March and May led to sanctions by the league officials in mid-year, stopping Wednesday from completing any recruitment activities for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

The chairman stated: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where supporters are loyal to a local institution that has existed throughout their lifetimes in many cases.

"I have absolute sympathy for Sheffield Wednesday, 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 supporters."

When asked if the regulator could force an proprietor to divest a club if they are judged inappropriate, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we collect the information and know what's going on, we will."

But the regulator clarified that compelling proprietors to divest clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.

"The final option we would consider is commence engagement 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.

"But the truth is, when you look back over the history of the game, over the recent generations there have been some owners, a small minority, but some who have been irresponsible in the approach they have taken toward their clubs and ultimately decline to assume obligation 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 "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because if we get it wrong, if the football community fails, the extraordinary progress that's been made could disappear swiftly," the chairman stated.

"Such an outcome is universally undesirable in the context of the English game is a huge success story - we need to continue the progress.

"Considerable investment flowing into the game and has been invested for the past two decades, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to adopt a precise perspective on risk and of course, of the immediate future."

Premier League Concerns

Top flight officials resisted the creation of a regulator because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I completely endorse the prosperity and expansion as an commercial operation of the Premier League.

"As someone who appreciates the concern of undermining the top flight as an elite competition of the nation. But simultaneously, if you engage with division representatives after today's meeting, they would have had a high level of reassurance -and, indeed, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

The regulator remains subject to a "thorough examination" by the public appointments commissioner after he disclosed making donations to the opposition group in the past.

The official provided financial support for Culture Secretary the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," Kogan said.

"I am no longer involved in any type of partisan engagement."