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The team's current difficulties represent a a "serious issue" and the independent regulator is looking to gain the ability to investigate clubs in comparable cases, its new chair the official has stated.

During an extensive discussion, the chairman, who was named to the position this week, showed understanding towards Wednesday's fanbase.

The chairman convened with four supporters' associations associated with the South Yorkshire club recently.

The football club have been struggling on and off the field in the current year, with the club missing wage payments on several different times, including in the autumn.

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

"Sheffield Wednesday is one of the great brands for football in England and recently we have met supporters' organizations.

"Our aim is to acquire the ability... 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

Wednesday's embattled owner the Thai businessman indicated in the summer he would be willing to sell up at Hillsborough, but he has failed to complete a sale with prospective buyers.

Delayed salary payments on time in March and May led to sanctions by the football authorities in June, blocking the team from conducting any player acquisitions for the next three transfer windows, although those limitations were removed in late summer.

Authority's Position

Kogan said: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where people are committed to a regional establishment that has existed throughout their lifetimes in many cases.

"I fully appreciate the club's situation, as I do for all the clubs that in modern times have encountered failure, or nearly ceased operations, for causes separate from the supporters."

Questioned about whether 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 collect the information and understand the situation, we will."

But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the authority would rather to cooperate with proprietors.

"Our least desirable course of action is start getting involved with an specific team, an particular chairman, without being able to work with that chairman to fix the issues that the club's facing and the chairman's encountering," 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 some owners, few in number, but certain individuals who have acted carelessly in the way which they've been managing their teams and eventually don't wish to take responsibility for the coming years."

'Errors may undo substantial development'

Kogan met with delegates from multiple organizations to explain the responsibilities of the authority recently and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because if we get it wrong, if the world of football gets it wrong, the significant advances achieved could disappear swiftly," Kogan said.

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

"Considerable investment coming into football and has been invested for the recent generations, because there are no assurances it will keep flowing into the sport, 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

The Premier League opposed the formation of an authority because of fears of a negative impact on the elite division's competitive balance, but Kogan said: "I completely endorse the success and growth as an financial organization of the Premier League.

"Being fully aware of the worry about compromising the Premier League as a premium product of this country. But concurrently, if you engage with division representatives after the recent gathering, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a high level of reassurance."

Political Connections

Kogan is still facing a "full inquiry" by the public appointments commissioner after he revealed he contributed money to the Labour Party in recent years.

The 68-year-old contributed funds to Culture Secretary Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

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

"I am presently disconnected from any form of political activity."