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The team's current difficulties constitute a "major concern" and the football regulator is seeking powers to look into club affairs in comparable cases, its new chair the regulator has announced.

In a wide-ranging interview, Kogan, who was appointed on Monday, showed understanding towards supporters of the Owls.

Kogan met with four fan organizations associated with the South Yorkshire club 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 five separate occasions, including in September.

"Obviously the club has become a serious issue for football authorities and a significant problem for football," Kogan told.

"The club represents one of the great brands for the English game and recently we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they warrant scrutiny and acted upon."

Economic Challenges and Ownership Situation

The club's controversial proprietor the current owner indicated in the summer he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with interested parties.

Missed wage deadlines on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in summer, preventing the club from carrying out any player acquisitions for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Official's Viewpoint

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where supporters are loyal 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 nearly ceased operations, for causes separate from the fans themselves."

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

But the regulator clarified that compelling proprietors to divest clubs would be treated as a "last resort" and the oversight body would choose to cooperate with proprietors.

"The last thing what we want to do is commence engagement with an individual club, an individual owner, without being able to work with that chairman to fix the issues that the club's facing and the chairman's encountering," Kogan said.

"But the truth is, when you examine the past of the sport, over the recent generations there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the long-term prospects."

'Mistakes could erase significant advances'

The regulator engaged delegates from multiple organizations to detail the scope of the authority recently and stated it constituted a "proactive meeting" with a "substantial involvement" from the lower divisions to the top flight.

"This position carries substantial significance, because if we get it wrong, if the world of football gets it wrong, the significant advances achieved necessary will vanish incredibly quickly," Kogan said.

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

"Substantial financial resources entering the sport and has come into football for the last 20 or 25 years, because there's no guarantee it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on potential dangers and naturally, of the immediate future."

Elite Division Worries

Elite division representatives objected to the formation of an authority because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I'm absolutely committed to the success and growth as an economic entity of the elite league.

"I of all people understand the worry about compromising the top flight as an elite competition of England. But at the same time, if you consult with top flight officials after the recent gathering, they would have had a significant degree of comfort -and, in fact, they have been advising us privately they have a high level of reassurance."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the opposition group in recent years.

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

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

"I am presently disconnected from any type of partisan engagement."