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The team's persistent issues constitute a "significant problem" and the new football authority is aiming to acquire authority to look into club affairs in such situations, the recently named head the regulator has announced.

In a wide-ranging interview, Kogan, who was recently selected, showed understanding towards Wednesday's fanbase.

The regulator engaged with four supporters' associations representing the football team this week.

The Championship side have been struggling on and off the field in the current year, with the club failing to pay players on time on several different times, including in September.

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

"The club represents one of the historic institutions for football in England and in recent days we have met supporters' organizations.

"We are seeking authority... which will permit us to bring the club and similar situations submitted for our review if they warrant scrutiny and acted upon."

Monetary Issues and Ownership Situation

The team's struggling chairman the Thai businessman suggested earlier this year he would be willing to sell up at the stadium, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in March and May led to sanctions by the English Football League (EFL) in June, stopping Wednesday from completing any player acquisitions for the following recruitment periods, although the ban was rescinded in late summer.

Regulator's Perspective

The regulator explained: "The position was created for the Owls followers, other clubs in similar situations where fans are dedicated to a community organization that has existed throughout their lifetimes in numerous instances.

"I have absolute sympathy for Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for causes separate from the supporters."

Questioned about whether the regulator could force an chairman to relinquish a club if they are deemed unsuitable, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we collect the information and comprehend the circumstances, we will."

But the chairman emphasized that forcing owners to sell clubs would be considered the final option and the regulator would prefer to collaborate with owners.

"The last thing what we want to do is start getting involved with an specific team, an individual owner, without having the opportunity to collaborate with that owner to try and resolve the challenges confronting the team and the chairman's encountering," the regulator explained.

"But the truth is, when you look back over the history of the game, over the last 20 or 30 years there have been particular chairmen, few in number, but some who have been irresponsible in the approach they have taken toward their teams and eventually decline to assume obligation for the long-term prospects."

'Mistakes could erase significant advances'

Kogan met with officials from numerous teams to lay out the remit of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "significant participation" from the lower divisions to the top flight.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the significant advances achieved might evaporate swiftly," the chairman stated.

"This represents everyone's worst fear in the context of the English game is a major achievement - we must maintain momentum.

"Considerable investment flowing into the game 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 maintain a focused outlook on potential dangers and naturally, of the coming seasons."

Top Flight Apprehensions

Elite division representatives objected to the formation of an authority because of fears of a negative impact on the elite division's competitive balance, but the chairman responded: "I fully support the achievement and development as an economic entity of the top division.

"As someone who appreciates the concern of undermining the Premier League as a premium product of the nation. But concurrently, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, actually, they have been telling us in private they have a significant confidence."

Ideological Links

Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he acknowledged providing funds to the opposition group in recent years.

The 68-year-old donated money to 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 party membership ceased the day the parliamentary committee confirmed my selection," the chairman stated.

"I currently have no participation in any type of partisan engagement."