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The team's persistent issues constitute a "serious issue" and the independent regulator is looking to gain the ability to look into club affairs in such situations, the recently named head the regulator has stated.

In a wide-ranging interview, the chairman, who was appointed on Monday, showed understanding towards supporters of the Owls.

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

The team have been facing challenges both on and off the pitch in this season, with the club delaying salary disbursements on multiple instances, including in the autumn.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a significant problem for football," Kogan told.

"Wednesday stands as one of the historic institutions for football in England and recently we have met supporters' organizations.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they warrant scrutiny and addressed."

Financial Struggles and Proprietorship Status

Wednesday's embattled owner the current owner indicated in the summer he would be willing to sell up at the stadium, but he has been unable to finalize an agreement with interested parties.

Missed wage deadlines on time in spring months caused limitations by the football authorities in June, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although those limitations were removed in the end of the transfer window.

Authority's Position

Kogan said: "Our role exists to serve the Owls followers, teams facing challenges where people are committed to a local institution that has existed throughout their lifetimes in numerous instances.

"I fully appreciate the club's situation, as I do for every team that over recent decades have faced collapse, or nearly ceased operations, for reasons that have nothing to do with the followers."

Inquired if the oversight body could require an owner to sell a club if they are judged inappropriate, Kogan said: "If your question is 'would we intervene in the final instance?', the reply is once we collect the information and understand the situation, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the authority would rather to cooperate with proprietors.

"The last thing what we want to do is start getting involved with an particular organization, an particular chairman, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the owner's facing," the chairman stated.

"But the truth is, when you examine the past of the game, over the recent generations there have been some owners, few in number, but particular people who have shown negligence in the approach they have taken toward their teams and eventually don't wish to take responsibility for the coming years."

'Errors may undo substantial development'

The chairman convened with delegates from multiple organizations to lay out the remit of the authority recently and insisted it was a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the significant advances achieved necessary will vanish incredibly quickly," Kogan said.

"This represents everyone's worst fear in the realm of domestic football is a substantial accomplishment - we must maintain momentum.

"There's an enormous amount of money entering the sport and has been invested for the recent generations, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."

Elite Division Worries

Top flight officials resisted the establishment of an oversight body because of fears of a negative impact on the Premier League's sporting equality, but the chairman responded: "I completely endorse the success and growth as an financial organization of the elite league.

"I of all people understand the apprehension regarding damaging the Premier League as a premium product of England. But at the same time, if you engage with division representatives after today's meeting, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a high level of reassurance."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the Labour Party in 2020.

The chairman contributed funds to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the current Prime Minister.

"I've been completely open about my former ideological connection [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.

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