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The team's ongoing struggles represent a a "significant problem" and the new football authority is looking to gain the ability to investigate clubs in similar circumstances, the newly appointed chairman the regulator has stated.

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

The chairman convened with four supporter groups connected to the South Yorkshire club recently.

The Championship side have been struggling on and off the field in the current year, with the club failing to pay players on time on five separate occasions, including in the autumn.

"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," the regulator explained.

"The club represents one of the great brands for football in England and this week we have met supporters' organizations.

"We are seeking authority... which will enable us to take Wednesday and comparable cases referred to us if they need to be investigated and acted upon."

Financial Struggles and Leadership Concerns

Wednesday's embattled owner the Thai businessman stated during the off-season he would be open to selling the club at the stadium, but he has been unable to finalize an agreement with prospective buyers.

Missed wage deadlines on time in earlier this year caused limitations by the league officials in June, blocking the team from conducting any transfers or loans for the following recruitment periods, although the ban was rescinded in late summer.

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 represented their community in numerous instances.

"I completely understand the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for factors unrelated to the supporters."

Questioned about whether the oversight body could require an chairman to relinquish a club if they are considered unfit, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and understand the situation, we will."

But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the regulator would prefer to collaborate with owners.

"The last thing what we want to do is commence engagement with an individual club, an individual owner, without being able to work with that owner to try and resolve the challenges confronting the team and the chairman's encountering," Kogan said.

"In actuality, when you look back over the history of the game, over the last 20 or 30 years there have been some owners, a small minority, but particular people who have shown negligence in the manner they have operated their clubs and ultimately refuse to accept accountability for the coming years."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with representatives from 110 clubs to lay out the remit of the authority recently and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"It's a job that's actually really important, because if errors are made, if the world of football gets it wrong, the extraordinary progress that's been made could disappear incredibly quickly," the chairman stated.

"This represents everyone's worst fear in the context of the English game is a major achievement - we must maintain momentum.

"Substantial financial resources flowing into the game and has been channeled for the past two decades, because there are no assurances it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on risk and of course, of the coming seasons."

Elite Division Worries

Top flight officials resisted the establishment of an oversight body because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I fully support the achievement and development as an economic entity of the top division.

"I of all people understand the apprehension regarding damaging the Premier League as a premium product of England. But simultaneously, if you consult with top flight officials after this week's discussion, they would have had a high level of reassurance -and, in fact, they have been telling us in private they have a considerable comfort."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he acknowledged providing funds to the opposition group in recent years.

The chairman contributed funds to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the government leader.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that party membership ceased the day the official body endorsed my nomination," Kogan said.

"I am presently disconnected from any form of political activity."