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The team's current difficulties represent a a "serious issue" and the new football authority is seeking powers to investigate clubs in similar circumstances, the recently named head the regulator has stated.

Through a comprehensive talk, the chairman, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

Kogan met with four fan organizations connected to the Championship side in recent days.

The football club have been struggling on and off the field in this season, with the club missing wage payments on five separate occasions, including in last month.

"Clearly Sheffield Wednesday has been a major concern for the league and a significant problem for football," Kogan told.

"Wednesday stands as one of the great brands for the English game and this week we have met fan representatives.

"We're now looking to get powers... which will enable us to take Wednesday and comparable cases referred to us if they warrant scrutiny and addressed."

Economic Challenges and Ownership Situation

Wednesday's embattled owner 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 potential new owners.

Missed wage deadlines on time in March and May resulted in restrictions being imposed by the football authorities in mid-year, stopping Wednesday from completing any recruitment activities for the next three transfer windows, although that restriction was lifted in August.

Official's Viewpoint

The chairman stated: "Our role exists to serve the Owls followers, other clubs in similar situations where people are committed to a community organization that has been part of their lives in multiple situations.

"I completely understand the team's plight, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the followers."

Inquired if the regulator could force an owner to sell a club if they are judged inappropriate, the regulator answered: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and comprehend the circumstances, we will."

But Kogan stressed 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 start getting involved with an individual club, an particular chairman, without having the opportunity to collaborate with that proprietor to address the problems affecting the organization and the proprietor's dealing with," the regulator explained.

"However, realistically, when you look back over the history of the sport, over the recent generations there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the manner they have operated their clubs and ultimately don't wish to take responsibility for the coming years."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with delegates from multiple organizations to lay out the remit of the authority recently and stated it constituted a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the extraordinary progress that's been made might evaporate swiftly," the regulator warned.

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

"There's an enormous amount of money flowing into the game and has come into football for the past two decades, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the coming seasons."

Top Flight Apprehensions

Elite division representatives objected to the creation of a regulator because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but Kogan said: "I completely endorse the achievement and development as an commercial operation of the Premier League.

"As someone who appreciates the concern of undermining the division as a high-quality offering of England. But concurrently, if you consult with top flight officials after this week's discussion, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a high level of reassurance."

Political Connections

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he acknowledged providing funds to the opposition group in recent years.

The 68-year-old contributed funds to Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the regulator explained.

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