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The Championship club's ongoing struggles represent a a "serious issue" and the new football authority is looking to gain the ability to look into club affairs in similar circumstances, the newly appointed chairman the official has announced.

During an extensive discussion, the regulator, who was named to the position this week, expressed "sympathy" towards the club's followers.

The chairman convened with four supporter groups associated with the Championship side recently.

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 several different times, including in last month.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a major challenge for the sport," Kogan told.

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

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

Financial Struggles and Proprietorship Status

The team's struggling chairman the current owner indicated in the summer he would be open to selling the club at their home ground, but he has been unable to finalize an agreement with interested parties.

Delayed salary payments on time in March and May resulted in restrictions being imposed by the league officials in June, blocking the team from conducting any transfers or loans for the following recruitment periods, although that restriction was lifted in August.

Official's Viewpoint

The chairman stated: "Our role exists to serve the Owls followers, teams facing challenges where people are committed to a regional establishment that has been part of their lives in numerous instances.

"I completely understand the club's situation, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for causes separate from the followers."

When asked if the regulator could force an owner to sell a club if they are considered unfit, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we assemble the facts and comprehend the circumstances, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be considered the final option and the authority would rather to cooperate with proprietors.

"The last thing what we want to do is start getting involved with an particular organization, an specific proprietor, without having the opportunity to collaborate with that proprietor to address the challenges confronting the team and the chairman's encountering," Kogan said.

"In actuality, when you examine the past of the game, over the last 20 or 30 years there have been certain proprietors, not many, but some who have been irresponsible in the approach they have taken toward their organizations and finally decline to assume obligation for the coming years."

'Mistakes could erase significant advances'

The chairman convened with delegates from multiple organizations to detail the scope of the regulator on Wednesday and insisted it was a "proactive meeting" with a "high level of engagement" from the lower divisions to the top flight.

"The role holds considerable importance, because if we get it wrong, if the football community fails, the extraordinary progress that's been made necessary will vanish incredibly quickly," Kogan said.

"And that's what nobody wants in the realm of domestic football is a substantial accomplishment - we must maintain momentum.

"There's an enormous amount of money entering the sport and has come into football for the last 20 or 25 years, because there's no guarantee it will keep flowing into the sport, which is among the factors explaining I think we have to adopt a precise perspective on potential dangers and naturally, of the immediate future."

Premier League Concerns

The Premier League opposed the establishment of an oversight body because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I'm absolutely committed to the success and growth as an commercial operation of the Premier League.

"As someone who appreciates the worry about compromising the Premier League as a premium product of the nation. But at the same time, if you consult with top flight officials after today's meeting, they would have had a high level of reassurance -and, indeed, they have been informing us confidentially they have a considerable comfort."

Partisan Associations

Kogan is still facing a "full inquiry" by the official appointments authority after he acknowledged providing funds to the opposition group in 2020.

The chairman donated money to Culture Secretary the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my previous political affiliation [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.

"I currently have no participation in any sort of politics."