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The team's persistent issues constitute a "major concern" and the new football authority is aiming to acquire authority to examine team situations in such situations, the newly appointed chairman the official has declared.

In a wide-ranging interview, Kogan, who was appointed on Monday, showed understanding towards Wednesday's fanbase.

The regulator engaged with four supporter groups connected to the Championship side in recent days.

The Championship side have been struggling on and off the field in this season, with the club delaying salary disbursements on multiple instances, including in last month.

"Obviously the club has become a significant problem for EFL and a substantial concern for English football," Kogan told.

"Sheffield Wednesday is one of the great brands for English football and recently we have met fan representatives.

"We're now looking to get powers... which will permit us to bring Sheffield Wednesday - and other clubs brought to our attention if they require examination and addressed."

Economic Challenges and Proprietorship Status

Wednesday's embattled owner the Thai businessman suggested earlier this year he would be open to selling the club at their home ground, but he has not been able to secure a deal with interested parties.

Missed wage deadlines on time in spring months resulted in restrictions being imposed by the English Football League (EFL) in summer, preventing the club from carrying out any player acquisitions for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Regulator's Perspective

The regulator explained: "The position was created for the Owls followers, teams facing challenges where people are committed to a community organization that has been part of their lives in numerous instances.

"I fully appreciate the team's plight, as I do for all the clubs that in modern times have encountered failure, or nearly ceased operations, for factors unrelated to the fans themselves."

Questioned about whether the oversight body could require an chairman to relinquish a club if they are considered unfit, the regulator answered: "If your question is 'would we intervene in the final instance?', the answer is once we collect the information and know what's going on, we will."

But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" and the authority would rather to collaborate with owners.

"The final option we would consider is start getting involved with an particular organization, an individual owner, without being able to work with that proprietor to address the issues that the club's facing and the proprietor's dealing with," the chairman stated.

"But the truth is, when you look back over the history of the game, over the recent generations there have been some owners, not many, but some who have been irresponsible in the approach they have taken toward their clubs and ultimately decline to assume obligation for the future."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to detail the scope of the oversight body this week and maintained it represented a "progressive gathering" with a "significant participation" from the National League to the Premier League.

"The role holds considerable importance, because if errors are made, if the world of football gets it wrong, the remarkable development accomplished might evaporate incredibly quickly," the regulator warned.

"Such an outcome is universally undesirable in the realm of domestic football is a major achievement - we need to continue the progress.

"Substantial financial resources coming into football and has been channeled for the past two decades, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to take a really clear view on challenges and obviously, of the coming seasons."

Premier League Concerns

Top flight officials resisted the creation of a regulator because of fears of a negative impact on the Premier League's sporting equality, but the chairman responded: "I'm absolutely committed to the achievement and development as an economic entity of the top division.

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of England. But simultaneously, if you talk to the Premier League after the recent gathering, they would have had a high level of reassurance -and, actually, they have been telling us in private they have a high level of reassurance."

Political Connections

The regulator remains subject to a "full inquiry" by the public appointments commissioner after he disclosed making donations to the political party in the past.

The chairman donated money to Culture Secretary the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my previous political affiliation [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the regulator explained.

"I currently have no participation in any sort of politics."