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The team's ongoing struggles constitute a "major concern" and the independent regulator is seeking powers to examine team situations in similar circumstances, the newly appointed chairman the official has declared.

In a wide-ranging interview, the regulator, who was appointed on Monday, voiced concern towards supporters of the Owls.

Kogan met with four supporter groups associated with the football team recently.

The football club have been facing challenges both on and off the pitch in this season, with the club delaying salary disbursements on five separate occasions, including in the autumn.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a major challenge for the sport," Kogan told.

"Sheffield Wednesday is one of the historic institutions for football in England and in recent days we have met fan representatives.

"Our aim is to acquire the ability... which will permit us to bring the club and similar situations submitted for our review if they warrant scrutiny and acted upon."

Economic Challenges and Proprietorship Status

The club's controversial proprietor the Thai businessman stated during the off-season he would be willing to sell up at their home ground, but he has not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in March and May led to sanctions by the league officials in mid-year, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although the ban was rescinded in late summer.

Regulator's Perspective

Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a community organization that has existed throughout their lifetimes in numerous instances.

"I completely understand the team's plight, as I do for every team that in modern times have encountered failure, or nearly ceased operations, for causes separate from the followers."

Inquired if the regulator could force an proprietor to divest a club if they are judged inappropriate, Kogan said: "If your question is 'would we intervene in the final instance?', the response would be once we assemble the facts and know what's going on, we will."

But Kogan stressed that compelling proprietors to divest clubs would be considered the final option and the authority would rather to work with them.

"The final option we would consider is begin intervening in an individual club, an specific proprietor, without being able to work with that owner to try and resolve the issues that the club's facing and the owner's facing," the chairman stated.

"But the truth is, when you examine the past of football, over the recent generations there have been particular chairmen, not many, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately decline to assume obligation for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with officials from numerous teams to lay out the remit of the regulator on Wednesday and stated it constituted a "proactive meeting" with a "high level of engagement" from the National League to the Premier League.

"This position carries substantial significance, because if we get it wrong, if the world of football gets it wrong, the extraordinary progress that's been made could disappear rapidly," the chairman stated.

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

"There's an enormous amount of money coming into football and has come into football for the recent generations, 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 potential dangers and naturally, of the next two or three years."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I fully support the prosperity and expansion as an economic entity of the Premier League.

"I of all people understand the concern of undermining the top flight as an elite competition of the nation. But simultaneously, if you talk to the Premier League after today's meeting, they would have had a significant degree of comfort -and, in fact, they have been telling us in private they have a considerable comfort."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he acknowledged providing funds to the political party in 2020.

The 68-year-old provided financial support for Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the government leader.

"I've been completely open about my former ideological connection [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the chairman stated.

"I currently have no participation in any sort of politics."