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The team's current difficulties are seen as a "major concern" and the independent regulator is seeking powers to look into club affairs in similar circumstances, the newly appointed chairman the regulator has announced.

In a wide-ranging interview, the chairman, who was named to the position this week, showed understanding towards the club's followers.

Kogan met with four supporters' associations connected to the South Yorkshire club this week.

The Championship side have been struggling on and off the field in this season, with the club missing wage payments on multiple instances, including in the autumn.

"Obviously the club has become a major concern for the league and a significant problem for football," Kogan told.

"Wednesday stands as one of the iconic names for the English game and this week we have met supporters' organizations.

"We are seeking authority... which will permit us to bring Wednesday and comparable cases brought to our attention if they require examination and addressed."

Economic Challenges and Ownership Situation

The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be willing to sell up at Hillsborough, but he has failed to complete a sale with prospective buyers.

Missed wage deadlines on time in March and May resulted in restrictions being imposed by the English Football League (EFL) in June, stopping Wednesday from completing any transfers or loans for the next three transfer windows, although those limitations were removed in late summer.

Official's Viewpoint

The chairman stated: "Our role exists to serve the supporters of Wednesday, teams facing challenges where fans are dedicated to a local institution that has been part of their lives in numerous instances.

"I fully appreciate Sheffield Wednesday, 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 judged inappropriate, Kogan said: "When asking whether 'would we intervene in the final instance?', the response would be once we collect the information and know what's going on, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be considered the final option and the regulator would prefer to collaborate with owners.

"The final option we would consider is commence engagement with an individual club, an specific proprietor, without being in a position to cooperate with that proprietor to address the problems affecting the organization and the proprietor's dealing with," the chairman stated.

"But the truth is, when you look back over the history of the game, over the recent generations there have been certain proprietors, not many, but some who have been irresponsible in the manner they have operated their clubs and ultimately don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

The chairman convened with representatives from 110 clubs to lay out the remit of the authority recently and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the National League to the Premier League.

"It's a job that's actually really important, because should mistakes occur, if the sport makes errors, the significant advances achieved could disappear incredibly quickly," the chairman stated.

"And that's what nobody wants in the context of the English game is a major achievement - we need to continue the progress.

"Considerable investment entering the sport and has been channeled for the last 20 or 25 years, because there are no assurances 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 challenges and obviously, of the immediate future."

Premier League Concerns

The Premier League opposed the establishment of an oversight body because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but Kogan said: "I completely endorse the success and growth as an financial organization of the elite league.

"I of all people understand the apprehension regarding damaging the top flight as an elite competition of the nation. But simultaneously, if you talk to the Premier League after the recent gathering, they would have had a substantial amount of confidence -and, in fact, they have been informing us confidentially they have a significant confidence."

Ideological Links

The regulator remains subject to a "full inquiry" by the official appointments authority after he revealed he contributed money to the opposition group in recent years.

The 68-year-old contributed funds to Culture Secretary the politician's campaign, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the regulator explained.

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