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The Championship club's ongoing struggles are seen as a "significant problem" and the football regulator is seeking powers to look into club affairs in such situations, the recently named head the official has declared.

During an extensive discussion, the regulator, who was recently selected, expressed "sympathy" towards supporters of the Owls.

The regulator engaged with four supporters' associations representing the football team in recent days.

The football club have been facing challenges both on and off the pitch in the current year, with the club delaying salary disbursements on multiple instances, including in the autumn.

"Evidently Wednesday represents a serious issue for football authorities and a substantial concern for English football," the regulator explained.

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

"Our aim is to acquire the ability... which will allow us to have Wednesday and comparable cases submitted for our review if they need to be investigated and dealt with."

Financial Struggles and Leadership Concerns

Wednesday's embattled owner Dejphon Chansiri suggested earlier this year he would be open to selling the club at the stadium, but he has failed to complete a sale with potential new owners.

Failure to pay player wages on time in March and May caused limitations by the football authorities in mid-year, blocking the team from conducting any transfers or loans for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Authority's Position

Kogan said: "Our role exists to serve the supporters of Wednesday, teams facing challenges where fans are dedicated to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I completely understand the club's situation, as I do for all the clubs that over recent decades have faced collapse, or approached financial ruin, for factors unrelated to the followers."

Questioned about whether the oversight body could require an chairman to relinquish a club if they are judged inappropriate, Kogan said: "When asking whether 'would we intervene in the final instance?', the response would be 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 authority would rather to collaborate with owners.

"Our least desirable course of action is start getting involved with an specific team, an specific proprietor, without having the opportunity to collaborate with that chairman to fix the challenges confronting the team and the proprietor's dealing with," Kogan said.

"But the truth is, when you review the record of the sport, over the last 20 or 30 years there have been particular chairmen, a small minority, but some who have been irresponsible in the manner they have operated their clubs and ultimately decline to assume obligation for the coming years."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to detail the scope of the authority recently and maintained it represented a "proactive meeting" with a "high level of engagement" from the National League to the Premier League.

"It's a job that's actually really important, because if errors are made, if the football community fails, the remarkable development accomplished could disappear incredibly quickly," the chairman stated.

"And that's what nobody wants in the realm of domestic football is a huge success story - we need to continue the progress.

"Substantial financial resources entering the sport and has been channeled for the last 20 or 25 years, because certainty is lacking it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on risk and of course, of the immediate future."

Premier League Concerns

The Premier League opposed the creation of a regulator because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but Kogan said: "I completely endorse the achievement and development as an economic entity of the Premier League.

"Being fully aware of the concern of undermining the top flight as an elite competition of England. But at the same time, if you consult with top flight officials after the recent gathering, they would have had a significant degree of comfort -and, actually, they have been informing us confidentially they have a significant confidence."

Partisan Associations

Kogan is still facing a "thorough examination" by the official appointments authority after he revealed he contributed money to the political party in recent years.

The official provided financial support for Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the current Prime Minister.

"I've been completely open about my past party membership [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the chairman stated.

"I am no longer involved in any sort of politics."