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The Championship club's ongoing struggles represent a a "major concern" and the new football authority is aiming to acquire authority to investigate clubs in such situations, the newly appointed chairman the official has declared.

During an extensive discussion, Kogan, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.

The regulator engaged with four supporters' associations connected to the South Yorkshire club in recent days.

The football club have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on five separate occasions, including in last month.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a substantial concern for English football," the regulator explained.

"Wednesday stands as one of the historic institutions for the English game and in recent days we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will permit us to bring the club and similar situations referred to us if they warrant scrutiny and dealt with."

Monetary Issues and Leadership Concerns

Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be willing to sell up at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Delayed salary payments on time in spring months resulted in restrictions being imposed by the league officials in mid-year, blocking the team from conducting any transfers or loans for the subsequent signing windows, although those limitations were removed in late summer.

Official's Viewpoint

The regulator explained: "The position was created for the fans of Sheffield Wednesday, other clubs in similar situations where people are committed to a regional establishment that has represented their community in many cases.

"I fully appreciate the team's plight, as I do for each organization that since 1992 have gone to the wall, or approached financial ruin, for reasons that have nothing to do with the followers."

Inquired if the authority might compel an proprietor to divest a club if they are judged inappropriate, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we assemble the facts and know what's going on, we will."

But the regulator clarified that compelling proprietors to divest clubs would be viewed as the ultimate measure 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 particular chairman, without being in a position to cooperate 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 game, over the past few decades there have been some owners, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their teams and eventually decline to assume obligation for the future."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to detail the scope of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "substantial involvement" from the National League to the Premier League.

"The role holds considerable importance, because if errors are made, if the football community fails, the remarkable development accomplished might evaporate incredibly quickly," the chairman stated.

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

"Considerable investment coming into football 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 maintain a focused outlook on risk and of course, of the coming seasons."

Elite Division Worries

The Premier League opposed the creation of a regulator because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the regulator stated: "I completely endorse the success and growth as an commercial operation of the Premier League.

"Being fully aware of the concern of undermining the top flight as an elite competition of this country. But simultaneously, if you engage with division representatives after this week's discussion, they would have had a substantial amount of confidence -and, indeed, they have been informing us confidentially they have a significant confidence."

Partisan Associations

The chairman continues to confront 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 donated money to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.

"I have fully disclosed my past party membership [with Labour], and that ideological connection terminated the day the select committee approved my appointment," the chairman stated.

"I am no longer involved in any sort of politics."