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The team's current difficulties represent a a "serious issue" and the new football authority is looking to gain the ability to examine team situations in similar circumstances, the recently named head the regulator has announced.

During an extensive discussion, Kogan, who was appointed on Monday, showed understanding towards supporters of the Owls.

The chairman convened with four fan organizations representing the Championship side recently.

The football club have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on five separate occasions, including in the autumn.

"Obviously the club has become a significant problem for EFL and a major challenge for the sport," Kogan told.

"Sheffield Wednesday is one of the historic institutions for English football and this week we have met fan representatives.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs brought to our attention if they need to be investigated and acted upon."

Financial Struggles and Ownership Situation

The club's controversial proprietor the Thai businessman stated during the off-season he would be prepared to relinquish control at Hillsborough, but he has not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the football authorities in mid-year, blocking the team from conducting any transfers or loans for the subsequent signing windows, although those limitations were removed in late summer.

Official's Viewpoint

The regulator explained: "The job [of the regulator] is there for the fans of Sheffield Wednesday, other clubs in similar situations where people are committed to a community organization that has been part of their lives in numerous instances.

"I have absolute sympathy for the team's plight, as I do for all the clubs that over recent decades have faced collapse, or been close to going to the wall, for factors unrelated to the supporters."

Inquired if the oversight body could require an proprietor to divest a club if they are deemed unsuitable, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we assemble the facts and comprehend the circumstances, we will."

But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" 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 particular chairman, without having the opportunity to collaborate with that proprietor to address the problems affecting the organization and the owner's facing," the regulator explained.

"But the truth is, when you look back over the history of the sport, over the last 20 or 30 years there have been particular chairmen, not many, but some who have been irresponsible in the manner they have operated their clubs and ultimately refuse to accept accountability for the coming years."

'Mistakes could erase significant advances'

The regulator engaged officials from numerous teams to lay out the remit of the oversight body this week and insisted it was a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because if errors are made, if the sport makes errors, the remarkable development accomplished might evaporate rapidly," the chairman stated.

"Such an outcome is universally undesirable in the terms of English football is a huge success story - we've got to keep it going.

"Substantial financial resources flowing into the game and has been channeled 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 maintain a focused outlook on potential dangers and naturally, of the next two or three years."

Premier League Concerns

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

"As someone who appreciates the concern of undermining the Premier League as a premium product of this country. But simultaneously, if you engage with division representatives after today's meeting, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a significant confidence."

Partisan Associations

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the political party in 2020.

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

"I've been completely open about my previous political affiliation [with Labour], and that party membership ceased the day the official body endorsed my nomination," Kogan said.

"I am no longer involved in any form of political activity."