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The Championship club's current difficulties are seen as a "major concern" and the independent regulator is seeking powers to examine team situations in similar circumstances, the recently named head the official has declared.

Through a comprehensive talk, the regulator, who was named to the position this week, showed understanding towards supporters of the Owls.

The chairman convened with four fan organizations associated with the South Yorkshire club recently.

The team have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on five separate occasions, including in last month.

"Evidently Wednesday represents a significant problem for EFL and a significant problem for football," the chairman stated.

"Sheffield Wednesday is one of the great brands for the English game and this week we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they require examination and dealt with."

Financial Struggles and Ownership Situation

The club's controversial proprietor Dejphon Chansiri indicated in the summer he would be prepared to relinquish control at Hillsborough, but he has not been able to secure a deal with interested parties.

Missed wage deadlines on time in spring months led to sanctions by the English Football League (EFL) in mid-year, preventing the club from carrying out any recruitment activities for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

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 community organization that has represented their community in numerous instances.

"I fully appreciate the team's plight, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for causes separate from the fans themselves."

Questioned about whether 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 answer is once we collect the information and know what's going on, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be considered the final option and the oversight body would choose to cooperate with proprietors.

"The last thing what we want to do is commence engagement with an particular organization, an particular chairman, without being able to work with that owner to try and resolve the problems affecting the organization and the chairman's encountering," the regulator explained.

"But the truth is, when you examine the past of the game, over the recent generations there have been certain proprietors, few in number, but some who have been irresponsible in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the coming years."

'Errors may undo substantial development'

The regulator engaged officials from numerous teams to lay out the remit of the regulator on Wednesday and maintained it represented a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the significant advances achieved could disappear rapidly," the chairman stated.

"And that's what nobody wants in the realm of domestic football is a major achievement - we've got to keep it going.

"Considerable investment entering the sport and has been invested for the past two decades, because there are no assurances it will continue to come into football, which is part of the rationale behind I think we have to adopt a precise perspective on potential dangers and naturally, of the immediate future."

Elite Division Worries

Top flight officials resisted the establishment of an oversight body because of concerns about detrimental effects on the top-flight's competitiveness, but the regulator stated: "I'm absolutely committed to the success and growth as an economic entity of the Premier League.

"I of all people understand the concern of undermining the Premier League as a premium product of the nation. But concurrently, if you talk to the Premier League after the recent gathering, they would have had a significant degree of comfort -and, in fact, they have been telling us in private they have a high level of reassurance."

Political Connections

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he acknowledged providing funds to the opposition group in 2020.

The official donated money to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my former ideological connection [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.

"I am presently disconnected from any type of partisan engagement."