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The team's ongoing struggles constitute a "significant problem" and the new football authority is seeking powers to investigate clubs in similar circumstances, the recently named head David Kogan has declared.

In a wide-ranging interview, the regulator, who was named to the position this week, showed understanding towards Wednesday's fanbase.

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

The Championship side have been struggling on and off the field in the current year, with the club missing wage payments on several different times, including in the autumn.

"Obviously the club has become a serious issue for football authorities and a significant problem for football," the chairman stated.

"The club represents one of the iconic names for the English game and recently we have met fan representatives.

"We are seeking authority... which will enable us to take the club and similar situations brought to our attention if they need to be investigated and acted upon."

Monetary Issues and Leadership Concerns

The team's struggling chairman Dejphon Chansiri stated during the off-season he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with potential new owners.

Delayed salary payments on time in March and May led to sanctions by the league officials in mid-year, preventing the club from carrying out any recruitment activities for the subsequent signing windows, although that restriction was lifted in late summer.

Regulator's Perspective

Kogan said: "The job [of the regulator] is there for the supporters of Wednesday, teams facing challenges where supporters are loyal to a community organization that has been part of their lives 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 been close to going to the wall, for reasons that have nothing to do with the supporters."

When asked if the regulator could force an chairman to relinquish a club if they are deemed unsuitable, Kogan said: "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 regulator clarified that requiring chairmen to relinquish clubs would be considered the final option and the regulator would prefer to collaborate with owners.

"Our least desirable course of action is start getting involved with an individual club, an individual owner, without being able to work with that proprietor to address the challenges confronting the team and the proprietor's dealing with," the regulator explained.

"In actuality, when you examine the past of the game, over the last 20 or 30 years there have been some owners, few in number, but some who have been irresponsible in the way which they've been managing their clubs and ultimately decline to assume obligation for the future."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to explain the responsibilities of the oversight body this week and stated it constituted a "progressive gathering" with a "significant participation" from the National League to the Premier League.

"The role holds considerable importance, because if errors are made, if the football community fails, the remarkable development accomplished could disappear swiftly," the regulator warned.

"This represents everyone's worst fear in the context of the English game is a huge success story - we've got to keep it going.

"There's an enormous amount of money coming into football and has been channeled for the recent generations, because there's no guarantee it will continue to come into football, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the immediate future."

Premier League Concerns

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the Premier League's sporting equality, but the chairman responded: "I'm absolutely committed to the prosperity and expansion as an economic entity of the Premier League.

"As someone who appreciates the concern of undermining the top flight as an elite competition of England. But at the same time, 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 advising us privately they have a high level of reassurance."

Political Connections

The regulator remains subject to a "thorough examination" by the Commissioner for Public Appointments after he revealed he contributed money to the political party in recent years.

The official provided financial support for Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the current Prime Minister.

"I've been completely open about my past party membership [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the chairman stated.

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