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The team's persistent issues constitute a "significant problem" and the independent regulator is seeking powers to look into club affairs in such situations, the recently named head the regulator has stated.

In a wide-ranging interview, the chairman, who was appointed on Monday, voiced concern towards Wednesday's fanbase.

The chairman convened with four supporters' associations connected to the South Yorkshire club recently.

The team have been struggling on and off the field in the current year, with the club missing wage payments on multiple instances, including in the autumn.

"Obviously the club has become a serious issue for football authorities and a substantial concern for English football," the chairman stated.

"Sheffield Wednesday is one of the historic institutions for English football and in recent days we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will allow us to have Wednesday and comparable cases brought to our attention if they warrant scrutiny and addressed."

Monetary Issues and Ownership Situation

The team's struggling chairman Dejphon Chansiri indicated in the summer he would be open to selling the club at the stadium, but he has not been able to secure a deal with interested parties.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the league officials in June, preventing the club from carrying out any player acquisitions for the following recruitment periods, although the ban was rescinded in the end of the transfer window.

Authority's Position

Kogan said: "The position was created for the supporters of Wednesday, Bury or any football club where people are committed to a regional establishment that has represented their community in many cases.

"I completely understand the team's plight, as I do for all the clubs that over recent decades have faced collapse, or been close to going to the wall, for reasons that have nothing to do with the fans themselves."

When asked if the authority might compel an owner to sell a club if they are deemed unsuitable, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we gather the evidence and comprehend the circumstances, we will."

But the regulator clarified that forcing owners to sell clubs would be considered the final option and the regulator would prefer to cooperate with proprietors.

"The last thing what we want to do is begin intervening in an individual club, an individual owner, without having the opportunity to collaborate with that chairman to fix the issues that the club's facing and the proprietor's dealing with," Kogan said.

"However, realistically, when you review the record of the game, over the past few decades there have been certain proprietors, not many, but particular people who have shown negligence in the approach they have taken toward their clubs and ultimately decline to assume obligation for the long-term prospects."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to explain the responsibilities of the oversight body this week and insisted it was a "forward-thinking discussion" with a "high level of engagement" 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 remarkable development accomplished necessary will vanish swiftly," Kogan said.

"And that's what nobody wants in the realm of domestic football is a substantial accomplishment - we need to continue the progress.

"There's an enormous amount of money coming into football and has come into football for the last 20 or 25 years, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the coming seasons."

Elite Division Worries

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

"Being fully aware of the concern of undermining the Premier League as a premium product of this country. But simultaneously, if you talk to the Premier League after this week's discussion, they would have had a significant degree of comfort -and, indeed, they have been informing us confidentially they have a significant confidence."

Political Connections

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in the past.

The 68-year-old contributed funds to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I've been completely open about my past party membership [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," Kogan said.

"I am no longer involved in any type of partisan engagement."