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The team's current difficulties represent a a "major concern" and the football regulator is seeking powers to look into club affairs in such situations, the newly appointed chairman the regulator has declared.

In a wide-ranging interview, the chairman, who was named to the position this week, showed understanding towards supporters of the Owls.

The regulator engaged with four fan organizations associated with the South Yorkshire club in recent days.

The Championship side have been struggling on and off the field in this season, with the club missing wage payments on several different times, including in September.

"Obviously the club has become a significant problem for EFL and a major challenge for the sport," the chairman stated.

"Wednesday stands as one of the historic institutions for the English game and recently we have met supporters' organizations.

"We're now looking to get powers... which will allow us to have the club and similar situations brought to our attention if they warrant scrutiny and acted upon."

Financial Struggles and Proprietorship Status

The club's controversial proprietor Dejphon Chansiri 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 led to sanctions by the English Football League (EFL) in mid-year, stopping Wednesday from completing any player acquisitions for the subsequent signing windows, although the ban was rescinded in late summer.

Official's Viewpoint

The chairman stated: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated to a local institution that has been part of their lives in many cases.

"I completely understand Sheffield Wednesday, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for factors unrelated to the followers."

Questioned about whether the authority might compel an owner to sell a club if they are deemed unsuitable, the regulator answered: "If your question is 'would we intervene in the final instance?', the answer is once we assemble the facts and know what's going on, we will."

But Kogan stressed that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to collaborate with owners.

"Our least desirable course of action is start getting involved with an individual club, an specific proprietor, without having the opportunity to collaborate with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the chairman stated.

"In actuality, when you look back over the history of the game, over the recent generations there have been some owners, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their teams and eventually refuse to accept accountability for the long-term prospects."

'Errors may undo substantial development'

The regulator engaged officials from numerous teams to explain the responsibilities of the oversight body this week and maintained it represented a "proactive meeting" with a "significant participation" from the National League to the Premier League.

"It's a job that's actually really important, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made necessary will vanish swiftly," Kogan said.

"This represents everyone's worst fear in the realm of domestic football is a substantial accomplishment - we've got to keep it going.

"Substantial financial resources flowing into the game and has come into football for the recent generations, because there's no guarantee it will continue to come into football, which is among the factors explaining I think we have to adopt a precise perspective 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 Premier League's sporting equality, but Kogan said: "I'm absolutely committed to the achievement and development as an financial organization of the elite league.

"Being fully aware of the worry about compromising the top flight as an elite competition of the nation. But at the same time, if you talk to the Premier League after today's meeting, they would have had a significant degree of comfort -and, actually, they have been advising us privately they have a significant confidence."

Ideological Links

The regulator remains subject to a "full inquiry" by the public appointments commissioner after he acknowledged providing funds to the political party in recent years.

The official donated money to Culture Secretary the minister's leadership bid, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the regulator explained.

"I currently have no participation in any type of partisan engagement."