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The team's ongoing struggles are seen as a "major concern" and the independent regulator is aiming to acquire authority to look into club affairs in such situations, its new chair the regulator has declared.

During an extensive discussion, the chairman, who was appointed on Monday, showed understanding towards the club's followers.

Kogan met with four supporters' associations representing the Championship side this week.

The team have been facing challenges both on and off the pitch in the current year, with the club delaying salary disbursements on five separate occasions, including in the autumn.

"Evidently Wednesday represents a significant problem for EFL and a significant problem for football," Kogan told.

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

"We are seeking authority... which will permit us to bring the club and similar situations referred to us if they require examination and dealt with."

Economic Challenges and Ownership Situation

The team's struggling chairman the current owner suggested earlier this year he would be willing to sell up at their home ground, but he has been unable to finalize an agreement with interested parties.

Failure to pay player wages on time in March and May resulted in restrictions being imposed by the league officials in summer, blocking the team from conducting any transfers or loans for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Regulator's Perspective

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where fans are dedicated to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I fully appreciate the team's plight, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for factors unrelated to the followers."

Inquired if the oversight body could require an owner to sell a club if they are judged inappropriate, Kogan said: "When asking whether 'would we intervene in the final instance?', the answer is once we gather the evidence and comprehend the circumstances, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"The last thing what we want to do is start getting involved with an specific team, an particular chairman, 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.

"However, realistically, when you look back over the history of the game, over the past few decades there have been some owners, not many, but certain individuals who have acted carelessly in the manner they have operated their teams and eventually refuse to accept accountability for the long-term prospects."

'Errors may undo substantial development'

Kogan met with delegates from multiple organizations to explain the responsibilities of the authority recently and stated it constituted a "proactive meeting" with a "high level of engagement" from the National League to the Premier League.

"The role holds considerable importance, because if errors are made, if the sport makes errors, the remarkable development accomplished could disappear incredibly quickly," Kogan said.

"And that's what nobody wants in the context of the English game is a huge success story - we've got to keep it going.

"Considerable investment entering the sport and has been channeled for the last 20 or 25 years, because certainty is lacking it will persist in entering the game, which is among the factors explaining I think we have to maintain a focused outlook on challenges and obviously, of the immediate future."

Elite Division Worries

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I completely endorse the achievement and development as an commercial operation of the elite league.

"As someone who appreciates the worry about compromising the top flight as an elite competition of this country. But at the same time, if you talk to the Premier League after the recent gathering, they would have had a significant degree of comfort -and, indeed, they have been telling us in private they have a considerable comfort."

Partisan Associations

The chairman continues to confront a "thorough examination" by the public appointments commissioner after he disclosed making donations to the political party in the past.

The official contributed funds to Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.

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

"I am no longer involved in any form of political activity."