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The Championship club's persistent issues represent a a "serious issue" and the football regulator is seeking powers to investigate clubs in such situations, the newly appointed chairman David Kogan has stated.

During an extensive discussion, Kogan, who was recently selected, expressed "sympathy" towards Wednesday's fanbase.

The regulator engaged with four supporter groups representing the football team in recent days.

The football club have been struggling on and off the field in this season, with the club missing wage payments on multiple instances, including in the autumn.

"Evidently Wednesday represents a serious issue for football authorities and a substantial concern for English football," the regulator explained.

"The club represents one of the historic institutions for English football and in recent days we have met supporters' organizations.

"Our aim is to acquire the ability... which will enable us to take Wednesday and comparable cases brought to our attention if they need to be investigated and acted upon."

Financial Struggles and Ownership Situation

Wednesday's embattled owner the current owner suggested earlier this year he would be prepared to relinquish control at their home ground, but he has not been able to secure a deal with prospective buyers.

Delayed salary payments on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in mid-year, preventing the club from carrying out any transfers or loans for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Authority's Position

The chairman stated: "The position was created for the Owls followers, other clubs in similar situations where supporters are loyal to a community organization that has existed throughout their lifetimes in numerous instances.

"I have absolute sympathy for the team's plight, as I do for each organization that since 1992 have gone to the wall, or nearly ceased operations, for factors unrelated to the supporters."

Inquired if the oversight body could require an owner to sell a club if they are considered unfit, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the authority would rather to work with them.

"Our least desirable course of action is commence engagement with an specific team, an individual owner, without being in a position to cooperate with that owner to try and resolve the challenges confronting the team and the chairman's encountering," Kogan said.

"However, realistically, when you look back over the history of the sport, over the recent generations there have been some owners, few in number, but some who have been irresponsible in the way which they've been managing their organizations and finally don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

The regulator engaged delegates from multiple organizations 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.

"This position carries substantial significance, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made could disappear swiftly," Kogan said.

"And that's what nobody wants in the context of the English game is a major achievement - we've got to keep it going.

"Substantial financial resources coming into football and has come into football for the last 20 or 25 years, because certainty is lacking it will persist in entering the game, which is among the factors explaining I think we have to maintain a focused outlook on risk and of course, of the immediate future."

Top Flight Apprehensions

Elite division representatives objected to the establishment of an oversight body because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but Kogan said: "I completely endorse the prosperity and expansion as an financial organization of the top division.

"As someone who appreciates the concern of undermining the top flight as an elite competition of this country. But simultaneously, if you talk to the Premier League after today's meeting, they would have had a significant degree of comfort -and, actually, they have been informing us confidentially they have a considerable comfort."

Ideological Links

Kogan is still facing a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the political party in the past.

The chairman contributed funds to government minister 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 party membership ceased the day the select committee approved my appointment," the chairman stated.

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