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The Championship club's ongoing struggles represent a a "significant problem" and the independent regulator is seeking powers to look into club affairs in comparable cases, the newly appointed chairman the regulator has announced.

In a wide-ranging interview, the regulator, who was named to the position this week, voiced concern towards the club's followers.

Kogan met with four supporters' associations associated with the football team in recent days.

The Championship side have been struggling on and off the field in this season, with the club failing to pay players on time on multiple instances, including in September.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a significant problem for football," the chairman stated.

"The club represents one of the great brands for English football and in recent days we have met Sheffield Wednesday supporters' groups.

"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 acted upon."

Economic Challenges and Proprietorship Status

The club's controversial proprietor the current owner suggested earlier this year he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with interested parties.

Missed wage deadlines on time in spring months resulted in restrictions being imposed by the league officials in June, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although that restriction was lifted in late summer.

Regulator's Perspective

Kogan said: "The job [of the regulator] is there for the supporters of Wednesday, teams facing challenges where supporters are loyal to a regional establishment that has been part of their lives in multiple situations.

"I have absolute sympathy for 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 supporters."

Inquired if the regulator could force an chairman to relinquish a club if they are deemed unsuitable, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we gather the evidence and understand the situation, we will."

But the regulator clarified that forcing owners to sell clubs would be considered the final option and the oversight body would choose to work with them.

"The final option we would consider is start getting involved with an specific team, an specific proprietor, without being in a position to cooperate with that owner to try and resolve the problems affecting the organization and the chairman's encountering," Kogan said.

"In actuality, when you examine the past of football, over the past few decades there have been some owners, few in number, but some who have been irresponsible in the way which they've been managing their organizations and finally refuse to accept accountability for the coming years."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged representatives from 110 clubs to detail the scope of the regulator on Wednesday and stated it constituted a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because if we get it wrong, if the football community fails, the extraordinary progress that's been made could disappear incredibly quickly," the regulator warned.

"Such an outcome is universally undesirable in the realm of domestic football is a major achievement - we must maintain momentum.

"Substantial financial resources coming into football and has been invested for the past two decades, because there's no guarantee it will persist in entering the game, which is part of the rationale behind I think we have to take a really clear view on challenges and obviously, of the next two or three years."

Premier League Concerns

The Premier League opposed the formation of an authority because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the achievement and development as an financial organization of the top division.

"I of all people understand the apprehension regarding damaging the top flight as an elite competition of the nation. But at the same time, if you talk to the Premier League after this week's discussion, they would have had a significant degree of comfort -and, in fact, they have been informing us confidentially they have a considerable comfort."

Political Connections

The chairman continues to confront a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the opposition group in recent years.

The chairman donated money to government minister the politician's campaign, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the chairman stated.

"I am presently disconnected from any sort of politics."