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The Championship club's current difficulties are seen as a "major concern" and the independent regulator is aiming to acquire authority to look into club affairs in such situations, its new chair the regulator has declared.

Through a comprehensive talk, Kogan, who was appointed on Monday, voiced concern towards supporters of the Owls.

The chairman convened with four supporter groups associated with the Championship side in recent days.

The football club have been facing challenges both on and off the pitch in the current year, with the club failing to pay players on time on several different times, including in the autumn.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a substantial concern for English football," Kogan told.

"Sheffield Wednesday is one of the iconic names for English football and this week we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will allow us to have Wednesday and comparable cases referred to us if they require examination and acted upon."

Monetary Issues and Proprietorship Status

The club's controversial proprietor Dejphon Chansiri indicated in the summer he would be willing to sell up at the stadium, but he has not been able to secure a deal with interested parties.

Failure to pay player wages on time in March and May resulted in restrictions being imposed by the English Football League (EFL) in mid-year, preventing the club from carrying out any transfers or loans for the next three transfer windows, although that restriction was lifted in late summer.

Regulator's Perspective

The chairman stated: "The job [of the regulator] is there for the Owls followers, teams facing challenges where fans are dedicated to a local institution that has existed throughout their lifetimes in many cases.

"I have absolute sympathy for Sheffield Wednesday, as I do for each organization that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the supporters."

Questioned about whether the oversight body could require an owner to sell a club if they are deemed unsuitable, the regulator answered: "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 chairman emphasized that compelling proprietors to divest clubs would be treated as a "last resort" 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 problems affecting the organization and the owner's facing," Kogan said.

"However, realistically, when you look back over the history of the game, over the last 20 or 30 years there have been some owners, a small minority, but particular people who have shown negligence in the approach they have taken toward their teams and eventually refuse to accept accountability for the future."

'Mistakes could erase significant advances'

The chairman convened with officials from numerous teams to explain the responsibilities of the regulator on Wednesday and stated it constituted a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the world of football gets it wrong, the remarkable development accomplished necessary will vanish rapidly," the chairman stated.

"This represents everyone's worst fear in the realm of domestic football is a substantial accomplishment - we need to continue the progress.

"Considerable investment entering the sport and has come into football for the last 20 or 25 years, because there's no guarantee it will continue to come into football, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the immediate future."

Top Flight Apprehensions

The Premier League opposed the establishment of an oversight body because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the achievement and development as an economic entity of the elite league.

"I of all people understand the apprehension regarding damaging the division as a high-quality offering of England. But concurrently, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a considerable comfort."

Ideological Links

The regulator remains subject to a "thorough examination" by the official appointments authority after he revealed he contributed money to the opposition group in the past.

The chairman provided financial support for Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.

"I have fully disclosed my previous political affiliation [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 sort of politics."