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The Championship club's ongoing struggles represent a a "serious issue" and the independent regulator is looking to gain the ability to look into club affairs in similar circumstances, the recently named head the official has stated.

During an extensive discussion, the regulator, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

The regulator engaged with four supporters' associations connected to the Championship side this week.

The team have been facing challenges both on and off the pitch in the current year, with the club missing wage payments on five separate occasions, including in last month.

"Evidently Wednesday represents a serious issue for football authorities and a substantial concern for English football," the regulator explained.

"Sheffield Wednesday is one of the great brands for football in England and recently we have met fan representatives.

"We are seeking authority... which will allow us to have the club and similar situations submitted for our review if they require examination and dealt with."

Monetary Issues and Leadership Concerns

Wednesday's embattled owner the current owner stated during the off-season he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with interested parties.

Delayed salary payments on time in earlier this year resulted in restrictions being imposed by the league officials in June, stopping Wednesday from completing any recruitment activities for the following recruitment periods, although those limitations were removed in August.

Official's Viewpoint

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a regional establishment that has represented their community in many cases.

"I completely understand the club's situation, as I do for every team that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the followers."

When asked if the authority might compel an owner to sell a club if they are judged inappropriate, the chairman responded: "When asking whether 'would we intervene in the final instance?', the answer is once we collect the information and understand the situation, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be viewed as the ultimate measure and the regulator would prefer to cooperate with proprietors.

"Our least desirable course of action is start getting involved with an individual club, an particular chairman, without being in a position to cooperate with that owner to try and resolve the issues that the club's facing and the proprietor's dealing with," Kogan said.

"However, realistically, when you examine the past of the game, over the last 20 or 30 years there have been some owners, not many, but certain individuals who have acted carelessly in the approach they have taken toward their organizations and finally decline to assume obligation for the future."

'Mistakes could erase significant advances'

The regulator engaged representatives from 110 clubs to explain the responsibilities of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "high level of engagement" from the grassroots to elite level.

"The role holds considerable importance, because if errors are made, if the football community fails, the remarkable development accomplished might evaporate swiftly," Kogan said.

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

"Substantial financial resources flowing into the game and has been invested for the recent generations, because certainty is lacking it will persist in entering the game, which is part of the rationale behind I think we have to maintain a focused outlook on potential dangers and naturally, of the immediate future."

Elite Division Worries

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the elite division's competitive balance, but the regulator stated: "I completely endorse the success and growth as an commercial operation of the Premier League.

"I of all people understand the worry about compromising the Premier League as a premium product of the nation. But concurrently, if you consult with top flight officials after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "full inquiry" by the official appointments authority after he disclosed making donations to the opposition group in recent years.

The official donated money to Culture Secretary the minister's leadership bid, along with that of the government leader.

"I have been entirely transparent regarding my past party membership [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the regulator explained.

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