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The Championship club's current difficulties constitute a "significant problem" and the football regulator is aiming to acquire authority to examine team situations in comparable cases, the newly appointed chairman the official has declared.

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

The chairman convened with four fan organizations connected to the football team recently.

The Championship side have been struggling on and off the field in this season, with the club missing wage payments on several different times, including in the autumn.

"Clearly Sheffield Wednesday has been a major concern for the league and a substantial concern for English football," Kogan told.

"The club represents one of the great brands for football in England and in recent days we have met supporters' organizations.

"We're now looking to get powers... which will permit us to bring the club and similar situations referred to us if they warrant scrutiny and acted upon."

Financial Struggles and Proprietorship Status

The team's struggling chairman the current owner suggested earlier this year he would be willing to sell up at their home ground, but he has failed to complete a sale with potential new owners.

Delayed salary payments on time in spring months caused limitations by the football authorities in June, blocking the team from conducting any player acquisitions for the next three transfer windows, although the ban was rescinded in August.

Official's Viewpoint

The chairman stated: "Our role exists to serve the Owls followers, teams facing challenges where fans are dedicated to a regional establishment that has represented their community in multiple situations.

"I have absolute sympathy for Sheffield Wednesday, as I do for each organization that since 1992 have gone to the wall, or nearly ceased operations, for factors unrelated to the followers."

Inquired if the oversight body could require an chairman to relinquish a club if they are considered unfit, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we assemble the facts and understand the situation, we will."

But the regulator clarified that forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to cooperate with proprietors.

"Our least desirable course of action is commence engagement with an specific team, an particular chairman, without being in a position to cooperate with that owner to try and resolve the challenges confronting the team and the chairman's encountering," Kogan said.

"But the truth is, when you review the record of the sport, over the recent generations there have been certain proprietors, a small minority, but some who have been irresponsible in the approach they have taken toward their organizations and finally refuse to accept accountability for the future."

'Mistakes could erase significant advances'

The regulator engaged representatives from 110 clubs to detail the scope of the authority recently and stated it constituted a "progressive gathering" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the remarkable development accomplished necessary will vanish incredibly quickly," Kogan said.

"This represents everyone's worst fear in the context of the English game is a major achievement - we've got to keep it going.

"Substantial financial resources flowing into the game and has come into football for the last 20 or 25 years, because there are no assurances it will persist in entering the game, which is among the factors explaining I think we have to adopt a precise perspective on challenges and obviously, of the coming seasons."

Elite Division Worries

Elite division representatives objected to the establishment of an oversight body because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but the regulator stated: "I fully support the prosperity and expansion as an economic entity of the elite league.

"Being fully aware of the apprehension regarding damaging the Premier League as a premium product of this country. But simultaneously, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, actually, they have been informing us confidentially they have a considerable comfort."

Political Connections

Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he acknowledged providing funds to the opposition group in the past.

The official donated money to Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my past party membership [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the regulator explained.

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