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The team's ongoing struggles represent a a "serious issue" and the new football authority is seeking powers to examine team situations in such situations, the newly appointed chairman the official has declared.

Through a comprehensive talk, Kogan, who was appointed on Monday, showed understanding towards the club's followers.

The regulator engaged with four fan organizations connected to the football team recently.

The Championship side have been struggling on and off the field in the current year, with the club failing to pay players on time on several different times, including in last month.

"Obviously the club has become a significant problem for EFL and a significant problem for football," the chairman stated.

"Sheffield Wednesday is one of the historic institutions for football in England and in recent days we have met fan representatives.

"Our aim is to acquire the ability... which will allow us to have Wednesday and comparable cases referred to us if they warrant scrutiny and addressed."

Financial Struggles and Ownership Situation

Wednesday's embattled owner the current owner stated during the off-season he would be willing to sell up at Hillsborough, but he has not been able to secure a deal with potential new owners.

Missed wage deadlines on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in summer, blocking the team from conducting any recruitment activities for the subsequent signing windows, although those limitations were removed in the end of the transfer window.

Regulator's Perspective

Kogan said: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where people are committed to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I fully appreciate Sheffield Wednesday, as I do for all the clubs that in modern times have encountered failure, or nearly ceased operations, for factors unrelated to the followers."

Questioned about whether the authority might compel 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 reply is once we gather the evidence and comprehend the circumstances, we will."

But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the authority would rather to collaborate with owners.

"Our least desirable course of action is start getting involved with an individual club, an specific proprietor, without being in a position to cooperate with that owner to try and resolve the challenges confronting the team and the owner's facing," the chairman stated.

"In actuality, when you review the record of football, over the last 20 or 30 years there have been some owners, few in number, but particular people who have shown negligence in the manner they have operated their organizations and finally refuse to accept accountability for the coming years."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to detail the scope of the regulator on Wednesday and insisted it was a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the world of football gets it wrong, the significant advances achieved necessary will vanish incredibly quickly," Kogan said.

"And that's what nobody wants in the terms of English football is a huge success story - we need to continue the progress.

"There's an enormous amount of money coming into football and has come into football for the recent generations, because there's no guarantee it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."

Top Flight Apprehensions

The Premier League opposed 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 commercial operation of the top division.

"I of all people understand the apprehension regarding damaging the Premier League as a premium product of this country. But at the same time, if you consult with top flight officials after the recent gathering, they would have had a significant degree of comfort -and, indeed, they have been informing us confidentially they have a significant confidence."

Partisan Associations

The regulator remains subject to a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the opposition group in recent years.

The official contributed funds to Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.

"I've been completely open about my previous political affiliation [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," Kogan said.

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