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The Championship club's current difficulties are seen as a "significant problem" and the independent regulator is looking to gain the ability to look into club affairs in comparable cases, its new chair the regulator has stated.

During an extensive discussion, Kogan, who was named to the position this week, showed understanding towards supporters of the Owls.

Kogan met with four fan organizations associated with the football team in recent days.

The team 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 September.

"Clearly Sheffield Wednesday has been a major concern for the league 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.

"Our aim is to acquire the ability... which will enable us to take the club and similar situations referred to us if they need to be investigated and dealt with."

Economic Challenges and Proprietorship Status

The club's controversial proprietor the current owner suggested earlier this year he would be open to selling the club at their home ground, but he has been unable to finalize an agreement with prospective buyers.

Failure to pay player wages on time in March and May led to sanctions by the league officials in June, preventing the club from carrying out any player acquisitions for the subsequent signing windows, although the ban was rescinded in August.

Official's Viewpoint

The regulator explained: "Our role exists to serve the Owls followers, teams facing challenges where supporters are loyal to a local institution that has existed throughout their lifetimes in multiple situations.

"I fully appreciate Sheffield Wednesday, as I do for each organization that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the followers."

Inquired if the oversight body could require an owner to sell a club if they are considered unfit, the regulator answered: "If your question is 'would we intervene in the final instance?', the reply is once we collect the information and comprehend the circumstances, we will."

But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to work with them.

"The last thing what we want to do is commence engagement with an particular organization, an individual owner, without being able to work with that proprietor to address the problems affecting the organization and the owner's facing," Kogan said.

"But the truth is, when you look back over the history of football, over the recent generations there have been certain proprietors, a small minority, but particular people who have shown negligence in the approach they have taken toward their organizations and finally don't wish to take responsibility for the long-term prospects."

'Errors may undo substantial development'

The chairman convened with delegates from multiple organizations to explain the responsibilities of the oversight body this week and stated it constituted a "proactive meeting" with a "high level of engagement" from the lower divisions to the top flight.

"The role holds considerable importance, because if errors are made, if the football community fails, the extraordinary progress that's been made could disappear swiftly," Kogan said.

"This represents everyone's worst fear in the terms of English football is a huge success story - we must maintain momentum.

"Considerable investment flowing into the game 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 potential dangers and naturally, 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 the chairman responded: "I completely endorse the success and growth as an financial organization of the elite league.

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of this country. But concurrently, if you talk to the Premier League after this week's discussion, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a significant confidence."

Partisan Associations

The regulator remains subject to a "full inquiry" by the public appointments commissioner after he disclosed making donations to the Labour Party in the past.

The official donated money to government minister Lisa Nandy's leadership campaign, along with that of the government leader.

"I've been completely open about my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the regulator explained.

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