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The Championship club's ongoing struggles are seen as a "major concern" and the new football authority is aiming to acquire authority to look into club affairs in comparable cases, its new chair David Kogan has stated.

Through a comprehensive talk, the chairman, who was named to the position this week, showed understanding towards supporters of the Owls.

The chairman convened with four supporters' associations representing the Championship side this week.

The football club have been struggling on and off the field in this season, with the club failing to pay players on time on five separate occasions, including in last month.

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

"Wednesday stands as one of the iconic names for football in England and this week we have met fan representatives.

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

Economic Challenges and Proprietorship Status

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 been unable to finalize an agreement with interested parties.

Missed wage deadlines on time in earlier this year caused limitations by the football authorities in mid-year, blocking the team from conducting any transfers or loans for the following recruitment periods, although the ban was rescinded in the end of the transfer window.

Official's Viewpoint

The chairman stated: "Our role exists to serve the supporters of Wednesday, other clubs in similar situations where supporters are loyal to a community organization that has existed throughout their lifetimes in multiple situations.

"I have absolute sympathy for the club's situation, as I do for every team that over recent decades have faced collapse, or nearly ceased operations, for causes separate from the fans themselves."

Questioned about whether the authority might compel an chairman to relinquish a club if they are judged inappropriate, the regulator answered: "When asking whether 'would we intervene in the final instance?', the reply is once we gather the evidence and understand the situation, we will."

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

"The final option we would consider is start getting involved with an individual club, an particular chairman, without being able to work with that chairman to fix the problems affecting the organization and the proprietor's dealing with," the regulator explained.

"However, realistically, when you review the record of the game, over the recent generations there have been certain proprietors, a small minority, but particular people who have shown negligence in the way which they've been managing their teams and eventually decline to assume obligation for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with representatives from 110 clubs to lay out the remit of the oversight body this week and stated it constituted a "forward-thinking discussion" with a "significant participation" from the National League to the Premier League.

"The role holds considerable importance, because if we get it wrong, if the football community fails, the remarkable development accomplished might evaporate swiftly," the regulator warned.

"Such an outcome is universally undesirable in the realm of domestic football is a major achievement - we must maintain momentum.

"Considerable investment flowing into the game and has been channeled for the recent generations, because there's no guarantee it will persist in entering the game, which is among the factors explaining I think we have to adopt a precise perspective on risk and of course, of the next two or three years."

Premier League Concerns

Top flight officials resisted the formation of an authority because of concerns about detrimental effects on the top-flight's competitiveness, but Kogan said: "I completely endorse the prosperity and expansion as an financial organization of the top division.

"I of all people understand the worry about compromising the top flight as an elite competition of England. But at the same time, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been telling us in private they have a significant confidence."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he revealed he contributed money to the political party in the past.

The chairman provided financial support for Culture Secretary Lisa Nandy's leadership campaign, along with that of the government leader.

"I have fully disclosed my past party membership [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the regulator explained.

"I am presently disconnected from any form of political activity."