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The team's persistent issues represent a a "major concern" and the new football authority is aiming to acquire authority to investigate clubs in such situations, its new chair the regulator has declared.

Through a comprehensive talk, the regulator, who was appointed on Monday, voiced concern towards Wednesday's fanbase.

Kogan met with four fan organizations representing the South Yorkshire club this week.

The team have been experiencing difficulties in multiple areas in this season, with the club delaying salary disbursements on five separate occasions, including in the autumn.

"Evidently Wednesday represents a major concern for the league and a substantial concern for English football," Kogan told.

"Sheffield Wednesday is one of the iconic names for football in England and recently we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will allow us to have the club and similar situations submitted for our review if they require examination and dealt with."

Economic Challenges and Proprietorship Status

The team's struggling chairman Dejphon Chansiri suggested earlier this year he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Failure to pay player wages on time in earlier this year led to sanctions by the English Football League (EFL) in June, preventing the club from carrying out any recruitment activities for the subsequent signing windows, although those limitations were removed in the end of the transfer window.

Authority's Position

The chairman stated: "The position was created for the Owls followers, other clubs in similar situations where fans are dedicated to a regional establishment that has been part of their lives in multiple situations.

"I fully appreciate the team's plight, as I do for each organization that since 1992 have gone to the wall, or been close to going to the wall, for reasons that have nothing to do with the supporters."

Questioned about whether the regulator could force an owner to sell a club if they are deemed unsuitable, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and know what's going on, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be considered the final option and the regulator would prefer to cooperate with proprietors.

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

"But the truth is, when you review the record of the sport, over the last 20 or 30 years there have been certain proprietors, a small minority, but certain individuals who have acted carelessly in the approach they have taken toward their clubs and ultimately don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

The regulator engaged representatives from 110 clubs to lay out the remit of the regulator on Wednesday and maintained it represented a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the extraordinary progress that's been made could disappear rapidly," the regulator warned.

"And that's what nobody wants in the terms of English football is a huge success story - we've got to keep it going.

"There's an enormous amount of money flowing into the game and has been channeled for the recent generations, because there's no guarantee it will persist in entering the game, which is among the factors explaining I think we have to take a really clear view on risk and of course, of the immediate future."

Elite Division Worries

Elite division representatives objected to the establishment of an oversight body because of fears of a negative impact on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the success and growth as an commercial operation of the elite league.

"I of all people understand the worry about compromising the division as a high-quality offering of the nation. But at the same time, if you engage with division representatives after the recent gathering, they would have had a significant degree of comfort -and, indeed, they have been telling us in private they have a considerable comfort."

Partisan Associations

The regulator remains subject to a "thorough examination" by the official appointments authority after he acknowledged providing funds to the Labour Party in the past.

The official donated money to government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my former ideological connection [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the regulator explained.

"I am no longer involved in any type of partisan engagement."