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The team's persistent issues constitute a "serious issue" and the football regulator is seeking powers to examine team situations in similar circumstances, the recently named head the regulator has announced.

During an extensive discussion, the chairman, who was named to the position this week, showed understanding towards Wednesday's fanbase.

Kogan met with four supporters' associations connected to the Championship side recently.

The Championship side have been struggling on and off the field in this season, with the club failing to pay players on time on several different times, including in the autumn.

"Obviously the club has become a significant problem for EFL and a substantial concern for English football," Kogan told.

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

"We're now looking to get powers... which will permit us to bring Wednesday and comparable cases submitted for our review if they warrant scrutiny and addressed."

Economic Challenges and Proprietorship Status

Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be open to selling the club at Hillsborough, but he has not been able to secure a deal with potential new owners.

Failure to pay player wages on time in spring months resulted in restrictions being imposed by the football authorities in mid-year, blocking the team from conducting any player acquisitions for the following recruitment periods, although the ban was rescinded in late summer.

Authority's Position

The chairman stated: "Our role exists to serve the Owls followers, Bury or any football club where supporters are loyal to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I have absolute sympathy for the team's plight, as I do for every team that since 1992 have gone to the wall, or been close to going to the wall, for reasons that have nothing to do with the fans themselves."

Questioned about whether the regulator could force an proprietor to divest a club if they are judged inappropriate, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we gather the evidence 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 authority would rather to work with them.

"Our least desirable course of action is begin intervening in an individual club, an particular chairman, without being in a position to cooperate with that chairman to fix the challenges confronting the team and the owner's facing," Kogan said.

"In actuality, when you review the record of the sport, over the past few decades there have been certain proprietors, not many, but some who have been irresponsible in the manner they have operated their clubs and ultimately don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to lay out the remit of the regulator on Wednesday and insisted it was a "progressive gathering" with a "high level of engagement" 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 remarkable development accomplished necessary will vanish swiftly," the regulator warned.

"Such an outcome is universally undesirable in the context of the English game is a huge success story - we must maintain momentum.

"There's an enormous amount of money flowing into the game and has been channeled for the last 20 or 25 years, because there's no guarantee it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook on challenges and obviously, of the next two or three years."

Top Flight Apprehensions

The Premier League opposed the establishment of an oversight body because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I'm absolutely committed to the achievement and development as an economic entity of the top division.

"I of all people understand the apprehension regarding damaging the division as a high-quality offering of the nation. But concurrently, if you engage with division representatives after this week's discussion, they would have had a significant degree of comfort -and, actually, they have been advising us privately they have a considerable comfort."

Political Connections

The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he acknowledged providing funds to the opposition group in the past.

The 68-year-old provided financial support for 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 former ideological connection [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the chairman stated.

"I currently have no participation in any sort of politics."