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The Championship club's ongoing struggles constitute a "major concern" and the independent regulator is looking to gain the ability to investigate clubs in similar circumstances, the newly appointed chairman the regulator has stated.

Through a comprehensive talk, Kogan, who was named to the position this week, expressed "sympathy" towards Wednesday's fanbase.

The chairman convened with four fan organizations representing the South Yorkshire club this week.

The football club have been facing challenges both on and off the pitch 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 major challenge for the sport," the regulator explained.

"Sheffield Wednesday is one of the iconic names for English football and this week we have met supporters' organizations.

"We are seeking authority... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they warrant scrutiny and acted upon."

Monetary Issues and Leadership Concerns

The club's controversial proprietor the current owner stated during the off-season he would be open to selling the club at their home ground, but he has not been able to secure a deal with interested parties.

Failure to pay player wages on time in March and May led to sanctions by the English Football League (EFL) in mid-year, stopping Wednesday from completing any transfers or loans for the following recruitment periods, although that restriction was lifted in late summer.

Official's Viewpoint

The chairman stated: "The job [of the regulator] is there for the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a local institution that has represented their community in many cases.

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

When asked if the oversight body could require an chairman to relinquish a club if they are considered unfit, Kogan said: "When asking whether 'would we intervene in the final instance?', the reply is once we assemble the facts and understand the situation, we will."

But Kogan stressed that compelling proprietors to divest clubs would be viewed as the ultimate measure and the regulator would prefer to collaborate with owners.

"Our least desirable course of action is commence engagement with an specific team, an individual owner, without having the opportunity to collaborate with that chairman to fix the issues that the club's facing and the chairman's encountering," Kogan said.

"But the truth is, when you review the record of football, over the last 20 or 30 years there have been certain proprietors, few in number, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

Kogan met with delegates from multiple organizations to explain the responsibilities of the authority recently and stated it constituted a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.

"This position carries substantial significance, because if we get it wrong, if the football community fails, the extraordinary progress that's been made necessary will vanish incredibly quickly," the chairman stated.

"And that's what nobody wants in the context of the English game is a substantial accomplishment - we need to continue the progress.

"There's an enormous amount of money entering the sport and has come into football 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 risk and of course, of the next two or three years."

Top Flight Apprehensions

Top flight officials resisted the formation of an authority because of fears of a negative impact on the elite division's competitive balance, but the chairman responded: "I fully support the prosperity and expansion as an economic entity of the top division.

"As someone who appreciates the concern of undermining the top flight as an elite competition of the nation. But simultaneously, if you consult with top flight officials after the recent gathering, they would have had a high level of reassurance -and, in fact, they have been advising us privately they have a considerable comfort."

Political Connections

The regulator remains subject to a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in recent years.

The 68-year-old contributed funds to Culture Secretary Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my former ideological connection [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," Kogan said.

"I currently have no participation in any form of political activity."