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The team's ongoing struggles are seen as a "significant problem" and the football regulator is aiming to acquire authority to examine team situations in similar circumstances, the recently named head the regulator has announced.

Through a comprehensive talk, Kogan, who was appointed on Monday, showed understanding towards the club's followers.

The regulator engaged with four supporter groups connected to the Championship side recently.

The team have been experiencing difficulties in multiple areas in this season, 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 significant problem for football," the chairman stated.

"Wednesday stands as one of the great brands for football in England and recently we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and acted upon."

Financial Struggles and Proprietorship Status

Wednesday's embattled owner the Thai businessman indicated in the summer he would be open to selling the club at their home ground, but he has been unable to finalize an agreement with prospective buyers.

Missed wage deadlines on time in March and May resulted in restrictions being imposed by the league officials in mid-year, preventing the club from carrying out any transfers or loans for the subsequent signing windows, although that restriction was lifted 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 supporters are loyal to a community organization that has been part of their lives in numerous instances.

"I completely understand the club's situation, as I do for each organization that over recent decades have faced collapse, or been close to going to the wall, for reasons that have nothing to do with the supporters."

When asked if the authority might compel an chairman to relinquish a club if they are judged inappropriate, Kogan said: "If your question is 'would we intervene in the final instance?', the response would be once we gather the evidence and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be considered the final option and the oversight body would choose to work with them.

"Our least desirable course of action is start getting involved with an individual club, an individual owner, without having the opportunity to collaborate with that owner to try and resolve the challenges confronting the team and the owner's facing," Kogan said.

"However, realistically, when you look back over the history of the sport, over the recent generations there have been certain proprietors, not many, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to explain the responsibilities of the oversight body this week and maintained it represented a "proactive meeting" with a "significant participation" from the grassroots to elite level.

"This position carries substantial significance, because if errors are made, if the world of football gets it wrong, the remarkable development accomplished could disappear swiftly," the chairman stated.

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

"There's an enormous amount of money flowing into the game and has come into football for the last 20 or 25 years, because there's no guarantee it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on potential dangers and naturally, of the next two or three years."

Premier League Concerns

Top flight officials resisted the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an economic entity of the top division.

"As someone who appreciates the worry about compromising the Premier League as a premium product of England. But at the same time, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, actually, they have been informing us confidentially they have a significant confidence."

Partisan Associations

The regulator remains subject to a "thorough examination" by the Commissioner for Public Appointments after he acknowledged providing funds to the political party in the past.

The chairman donated money to government minister the politician's campaign, 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," the regulator explained.

"I currently have no participation in any form of political activity."