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The team's ongoing struggles are seen as a "major concern" and the new football authority is looking to gain the ability to look into club affairs in comparable cases, the newly appointed chairman the official has stated.

Through a comprehensive talk, the regulator, who was appointed on Monday, showed understanding towards the club's followers.

The regulator engaged with four fan organizations associated with the Championship side this week.

The football club have been struggling on and off the field in the current year, with the club missing wage payments on five separate occasions, including in September.

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

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

"We're now looking to get powers... which will allow us to have the club and similar situations brought to our attention if they warrant scrutiny and acted upon."

Monetary Issues and Ownership Situation

Wednesday's embattled owner the current owner suggested earlier this year he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the football authorities in June, blocking the team from conducting any transfers or loans for the subsequent signing windows, although the ban was rescinded in late summer.

Authority's Position

The chairman stated: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated to a local institution that has been part of their lives in numerous instances.

"I have absolute sympathy for the club's situation, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for causes separate from the fans themselves."

Questioned about whether the authority might compel an proprietor to divest a club if they are judged inappropriate, the chairman responded: "When asking whether 'would we intervene in the final instance?', the reply is once we gather the evidence and understand the situation, we will."

But Kogan stressed that compelling proprietors to divest clubs would be viewed as the ultimate measure and the oversight body would choose to collaborate with owners.

"Our least desirable course of action is start getting involved with an particular organization, an particular chairman, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the owner's facing," Kogan said.

"However, realistically, when you examine the past of football, over the last 20 or 30 years there have been particular chairmen, not many, but certain individuals who have acted carelessly in the way which they've been managing their teams and eventually don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to explain the responsibilities of the authority recently and stated it constituted a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the remarkable development accomplished could disappear rapidly," the regulator warned.

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

"There's an enormous amount of money flowing into the game and has come into football for the last 20 or 25 years, because there are no assurances it will continue to come into football, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the next two or three years."

Elite Division Worries

Top flight officials resisted the creation of a regulator because of fears of a negative impact on the top-flight's competitiveness, but Kogan said: "I'm absolutely committed to the achievement and development as an financial organization of the elite league.

"Being fully aware of the concern of undermining the division as a high-quality offering of the nation. But simultaneously, if you engage with division representatives after today's meeting, they would have had a significant degree of comfort -and, in fact, they have been informing us confidentially they have a considerable comfort."

Partisan Associations

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in the past.

The 68-year-old contributed funds to government minister the minister's leadership bid, along with that of the current Prime Minister.

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

"I am no longer involved in any form of political activity."