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The team's ongoing struggles constitute a "serious issue" and the football regulator is seeking powers to investigate clubs in similar circumstances, the newly appointed chairman the official has declared.

In a wide-ranging interview, the chairman, who was recently selected, expressed "sympathy" towards supporters of the Owls.

The regulator engaged with four supporters' associations associated with the football team in recent days.

The team have been struggling on and off the field in the current year, with the club failing to pay players on time on multiple instances, including in September.

"Evidently Wednesday represents a major concern for the league and a significant problem for football," Kogan told.

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

"We are seeking authority... which will allow us to have Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and addressed."

Financial Struggles and Proprietorship Status

The club's controversial proprietor the Thai businessman stated during the off-season he would be open to selling the club at Hillsborough, but he has failed to complete a sale with potential new owners.

Missed wage deadlines on time in March and May caused limitations by the league officials in June, preventing the club from carrying out any transfers or loans for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Official's Viewpoint

Kogan said: "The job [of the regulator] is there for the Owls followers, Bury or any football club where supporters are loyal to a local institution that has represented their community in multiple situations.

"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 causes separate from the fans themselves."

Questioned about whether the authority might compel an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we gather the evidence and comprehend the circumstances, we will."

But Kogan stressed that forcing owners to sell clubs would be considered the final option and the oversight body would choose to work with them.

"The final option we would consider is begin intervening in an individual club, an specific proprietor, without being in a position to cooperate with that owner to try and resolve the issues that the club's facing and the chairman's encountering," Kogan said.

"But the truth is, when you look back over the history of football, over the last 20 or 30 years there have been particular chairmen, not many, but some who have been irresponsible in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to explain the responsibilities of the oversight body this week and insisted it was a "proactive meeting" with a "high level of engagement" from the National League to the Premier League.

"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the remarkable development accomplished could disappear swiftly," the regulator warned.

"Such an outcome is universally undesirable in the context of the English game is a huge success story - we must maintain momentum.

"Substantial financial resources flowing into the game and has been invested for the recent generations, because there are no assurances it will persist in entering the game, which is part of the rationale behind I think we have to adopt a precise perspective on challenges and obviously, of the next two or three years."

Premier League Concerns

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the achievement and development as an economic entity of the Premier League.

"Being fully aware of the apprehension regarding damaging the Premier League as a premium product of this country. But concurrently, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been advising us privately they have a significant confidence."

Political Connections

The chairman continues to confront a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the political party in recent years.

The chairman provided financial support for Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the government leader.

"I have fully disclosed my past party membership [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the regulator explained.

"I am no longer involved in any type of partisan engagement."