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The team's ongoing struggles are seen as a "significant problem" and the independent regulator is looking to gain the ability to investigate clubs in such situations, its new chair the regulator has stated.

Through a comprehensive talk, Kogan, who was named to the position this week, showed understanding towards the club's followers.

The chairman convened with four supporter groups connected to the Championship side this week.

The football club have been facing challenges both on and off the pitch in the current year, with the club delaying salary disbursements on several different times, including in September.

"Obviously the club has become a serious issue for football authorities and a major challenge for the sport," the chairman stated.

"The club represents one of the iconic names for football in England and recently we have met fan representatives.

"We are seeking authority... which will allow us to have Wednesday and comparable cases submitted for our review if they require examination and addressed."

Financial Struggles and Leadership Concerns

The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be open to selling the club at their home ground, but he has failed to complete a sale with interested parties.

Missed wage deadlines on time in March and May caused limitations by the football authorities in June, stopping Wednesday from completing any transfers or loans for the next three transfer windows, although the ban was rescinded in August.

Authority's Position

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club 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 reasons that have nothing to do with the supporters."

Questioned about whether the authority might compel an owner to sell a club if they are considered unfit, Kogan said: "If your question is 'would we intervene in the final instance?', the reply is once we gather the evidence and know what's going on, we will."

But Kogan stressed that compelling proprietors to divest clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"The final option we would consider is start getting involved with an specific team, an specific proprietor, without being in a position to cooperate with that owner to try and resolve the challenges confronting the team and the chairman's encountering," the chairman stated.

"However, realistically, when you review the record of the game, over the last 20 or 30 years there have been certain proprietors, not many, but certain individuals who have acted carelessly in the way which they've been managing their organizations and finally refuse to accept accountability for the coming years."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with representatives from 110 clubs to explain the responsibilities of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the lower divisions to the top flight.

"This position carries substantial significance, because if errors are made, if the world of football gets it wrong, the significant advances achieved might evaporate incredibly quickly," Kogan said.

"And that's what nobody wants in the realm of domestic football is a huge success story - we need to continue the progress.

"Substantial financial resources entering the sport and has been invested for the last 20 or 25 years, because certainty is lacking it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on challenges and obviously, of the next two or three years."

Elite Division Worries

Elite division representatives objected to the creation of a regulator because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I completely endorse the prosperity and expansion as an financial organization of the elite league.

"I of all people understand the concern of undermining the division as a high-quality offering of England. But at the same time, if you engage with division representatives after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been informing us confidentially they have a high level of reassurance."

Ideological Links

Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in recent years.

The chairman donated money to government minister the politician's campaign, along with that of the current Prime Minister.

"I have fully disclosed my previous political affiliation [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the chairman stated.

"I am no longer involved in any type of partisan engagement."