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Sheffield Wednesday's ongoing struggles constitute a "significant problem" and the independent regulator is looking to gain the ability to look into club affairs in similar circumstances, the recently named head the regulator has announced.

During an extensive discussion, the regulator, who was appointed on Monday, voiced concern towards the club's followers.

The chairman convened with four supporters' associations representing the football team recently.

The Championship side have been struggling on and off the field in the current year, with the club failing to pay players on time on multiple instances, including in the autumn.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a major challenge for the sport," the chairman stated.

"Wednesday stands as one of the iconic names for the English game and recently we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs brought to our attention if they need to be investigated and dealt with."

Financial Struggles 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 not been able to secure a deal with prospective buyers.

Missed wage deadlines on time in March and May led to sanctions by the football authorities in June, blocking the team from conducting any recruitment activities for the following recruitment periods, although the ban was rescinded in late summer.

Regulator's Perspective

Kogan said: "The position was created for the supporters of Wednesday, 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 the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the followers."

When asked if the oversight body could require an owner to sell a club if they are considered unfit, the chairman responded: "If your question is 'would we intervene in the final instance?', the reply is once we assemble the facts and comprehend the circumstances, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be treated as a "last resort" and the authority would rather to cooperate with proprietors.

"The final option we would consider is commence engagement with an specific team, an particular chairman, without being in a position to cooperate with that proprietor to address the problems affecting the organization and the proprietor's dealing with," the regulator explained.

"In actuality, when you look back over the history of the sport, over the recent generations there have been certain proprietors, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately decline to assume obligation for the long-term prospects."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to explain the responsibilities of the authority recently and stated it constituted a "proactive meeting" with a "high level of engagement" from the National League to the Premier League.

"The role holds considerable importance, because if we get it wrong, if the world of football gets it wrong, the significant advances achieved necessary will vanish swiftly," the regulator warned.

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

"Considerable investment coming into football and has been invested for the recent generations, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on challenges and obviously, of the next two or three years."

Elite Division Worries

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the achievement and development as an economic entity of the Premier League.

"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of this country. But concurrently, if you engage with division representatives after the recent gathering, they would have had a high level of reassurance -and, indeed, they have been informing us confidentially they have a considerable comfort."

Partisan Associations

The chairman continues to confront a "thorough examination" by the official appointments authority after he revealed he contributed money to the Labour Party in 2020.

The 68-year-old donated money to Culture Secretary the politician's campaign, along with that of the government leader.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," Kogan said.

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