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The Championship club's current difficulties are seen as a "significant problem" and the football regulator is looking to gain the ability to investigate clubs in such situations, its new chair the official has declared.

During an extensive discussion, the regulator, who was named to the position this week, showed understanding towards the club's followers.

Kogan met with four fan organizations connected to the Championship side in recent days.

The team have been facing challenges both on and off the pitch in this season, with the club missing wage payments on multiple instances, including in the autumn.

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

"The club represents one of the great brands for English football and recently we have met supporters' organizations.

"We are seeking authority... which will permit us to bring Wednesday and comparable cases brought to our attention if they warrant scrutiny and dealt with."

Monetary Issues and Proprietorship Status

Wednesday's embattled owner the Thai businessman indicated in the summer he would be open to selling the club at Hillsborough, but he has failed to complete a sale with prospective buyers.

Missed wage deadlines on time in spring months resulted in restrictions being imposed by the league officials in mid-year, preventing the club from carrying out any player acquisitions for the following recruitment periods, although those limitations were removed in August.

Official's Viewpoint

The regulator explained: "Our role exists to serve the Owls followers, Bury or any football club where people are committed to a regional establishment that has existed throughout their lifetimes in many cases.

"I have absolute sympathy for the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the supporters."

When asked if the oversight body could require an proprietor to divest a club if they are judged inappropriate, the chairman responded: "If your question is 'would we intervene in the final instance?', the answer is once we assemble the facts and comprehend the circumstances, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the regulator would prefer to work with them.

"The final option we would consider is start getting involved with an individual club, an specific proprietor, without being able to work with that chairman to fix the issues that the club's facing and the chairman's encountering," the regulator explained.

"But the truth is, when you examine the past of the sport, over the past few decades there have been some owners, few in number, but certain individuals who have acted carelessly in the way which they've been managing their teams and eventually don't wish to take responsibility for the future."

'Errors may undo substantial development'

The chairman convened with delegates from multiple organizations to explain the responsibilities of the authority recently and maintained it represented a "proactive meeting" with a "significant participation" from the lower divisions to the top flight.

"This position carries substantial significance, because if errors are made, if the sport makes errors, the significant advances achieved might evaporate incredibly quickly," the chairman stated.

"And that's what nobody wants in the context of the English game is a major achievement - we must maintain momentum.

"Substantial financial resources entering the sport and has come into football for the last 20 or 25 years, because certainty is lacking it will continue to come into football, which is among the factors explaining I think we have to maintain a focused outlook on risk and of course, of the coming seasons."

Top Flight Apprehensions

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but the chairman responded: "I'm absolutely committed to the success and growth as an economic entity of the top division.

"I of all people understand the concern of undermining the Premier League as a premium product of this country. But at the same time, if you engage with division representatives after the recent gathering, they would have had a significant degree of comfort -and, actually, they have been advising us privately they have a considerable comfort."

Partisan Associations

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 official provided financial support for government minister the minister's leadership bid, along with that of the current Prime Minister.

"I've been completely open about my past party membership [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.

"I currently have no participation in any form of political activity."