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The team's current difficulties are seen as a "major concern" and the independent regulator is seeking powers to investigate clubs in similar circumstances, the recently named head the official has stated.

Through a comprehensive talk, Kogan, who was named to the position this week, showed understanding towards Wednesday's fanbase.

Kogan met with four fan organizations connected to the Championship side this week.

The football club have been struggling on and off the field in this season, with the club failing to pay players on time on five separate occasions, including in last month.

"Clearly Sheffield Wednesday has been a major concern for the league and a significant problem for football," the regulator explained.

"The club represents one of the great brands for the English game and recently we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will allow us to have the club and similar situations referred to us if they need to be investigated and acted upon."

Financial Struggles and Proprietorship Status

Wednesday's embattled owner the current owner indicated in the summer he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Missed wage deadlines on time in spring months caused limitations by the league officials in mid-year, blocking the team from conducting any recruitment activities for the next three transfer windows, although that restriction was lifted in the end of the transfer window.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where people are committed to a community organization that has existed throughout their lifetimes in numerous instances.

"I have absolute sympathy for the team's plight, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for causes separate from the followers."

When asked if the oversight body could require an proprietor to divest a club if they are considered unfit, Kogan said: "When asking whether 'would we intervene in the final instance?', the reply is once we assemble the facts and know what's going on, we will."

But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the oversight body would choose to work with them.

"The last thing what we want to do is start getting involved with an individual club, an specific proprietor, without being able to work with that proprietor to address the issues that the club's facing and the owner's facing," Kogan said.

"But the truth is, when you review the record of the game, over the last 20 or 30 years there have been some owners, a small minority, but some who have been irresponsible in the approach they have taken toward their organizations and finally don't wish to take responsibility for the coming years."

'Errors may undo substantial development'

The regulator engaged officials from numerous teams to explain the responsibilities of the regulator on Wednesday and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"The role holds considerable importance, because if errors are made, if the football community fails, the extraordinary progress that's been made necessary will vanish rapidly," Kogan said.

"And that's what nobody wants in the terms of English football is a huge success story - we must maintain momentum.

"There's an enormous amount of money coming into football and has come into football for the past two decades, because certainty is lacking it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on potential dangers and naturally, of the immediate future."

Top Flight Apprehensions

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 completely endorse the achievement and development as an economic entity of the elite league.

"As someone who appreciates the apprehension regarding damaging the Premier League as a premium product of England. But concurrently, if you engage with division representatives after today's meeting, they would have had a high level of reassurance -and, in fact, they have been telling us in private they have a high level of reassurance."

Partisan Associations

The chairman continues to confront a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the political party in 2020.

The 68-year-old provided financial support for Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the select committee approved my appointment," the chairman stated.

"I am presently disconnected from any type of partisan engagement."