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The team's ongoing struggles constitute a "serious issue" and the football regulator is looking to gain the ability to investigate clubs in such situations, its new chair the regulator has declared.

During an extensive discussion, Kogan, who was appointed on Monday, voiced concern towards supporters of the Owls.

The chairman convened with four supporters' associations representing the football team recently.

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 substantial concern for English football," Kogan told.

"Sheffield Wednesday is one of the great brands for the English game and in recent days we have met fan representatives.

"We're now looking to get powers... which will enable us to take the club and similar situations referred to us if they need to be investigated and acted upon."

Financial Struggles and Ownership Situation

The club's controversial proprietor the Thai businessman indicated in the summer he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with interested parties.

Delayed salary payments on time in earlier this year resulted in restrictions being imposed by the league officials in mid-year, preventing the club from carrying out any player acquisitions for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

The chairman stated: "The position was created for the fans of Sheffield Wednesday, Bury or any football club where fans are dedicated to a regional establishment that has represented their community in numerous instances.

"I have absolute sympathy for the team's plight, as I do for each organization that in modern times have encountered failure, or approached financial ruin, for reasons that have nothing to do with the supporters."

Questioned about whether the regulator could force an chairman to relinquish a club if they are deemed unsuitable, the regulator answered: "When asking whether 'would we intervene in the final instance?', the reply is once we collect the information and know what's going on, we will."

But the regulator clarified that forcing owners to sell clubs would be treated as a "last resort" and the oversight body would choose to collaborate with owners.

"Our least desirable course of action is begin intervening in an particular organization, an individual owner, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the proprietor's dealing with," the chairman stated.

"But the truth is, when you examine the past of the game, over the last 20 or 30 years there have been particular chairmen, not many, but some who have been irresponsible in the approach they have taken toward their organizations and finally refuse to accept accountability for the long-term prospects."

'Errors may undo substantial development'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the oversight body this week and maintained it represented a "proactive meeting" with a "high level of engagement" from the lower divisions to the top flight.

"This position carries substantial significance, because if we get it wrong, if the world of football gets it wrong, the significant advances achieved could disappear swiftly," the regulator warned.

"Such an outcome is universally undesirable in the realm of domestic football is a huge success story - we've got to keep it going.

"Substantial financial resources entering the sport and has come into football for the last 20 or 25 years, 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 establishment of an oversight body because of concerns about detrimental effects on the Premier League's sporting equality, but Kogan said: "I fully support the achievement and development as an financial organization of the elite league.

"Being fully aware of the worry about compromising the top flight as an elite competition of England. But simultaneously, if you engage with division representatives after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been informing us confidentially they have a significant confidence."

Political Connections

The regulator remains subject to a "full inquiry" by the public appointments commissioner after he revealed he contributed money to the opposition group in recent years.

The official provided financial support for Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the chairman stated.

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