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The Championship club's persistent issues constitute a "serious issue" and the independent regulator is aiming to acquire authority to look into club affairs in comparable cases, its new chair the regulator has stated.

In a wide-ranging interview, the regulator, who was recently selected, expressed "sympathy" towards Wednesday's fanbase.

The chairman convened with four supporter groups associated with the Championship side this week.

The team have been facing challenges both on and off the pitch in the current year, with the club delaying salary disbursements on several different times, including in the autumn.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a major challenge for the sport," the chairman stated.

"Sheffield Wednesday is one of the great brands for the English game and recently we have met fan representatives.

"We're now looking to get powers... which will enable us to take Wednesday and comparable cases referred to us if they require examination and acted upon."

Financial Struggles and Proprietorship Status

The team's struggling chairman the Thai businessman indicated in the summer he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with interested parties.

Failure to pay player wages on time in March and May caused limitations by the football authorities in summer, preventing the club from carrying out any player acquisitions for the next three transfer windows, although that restriction was lifted in the end of the transfer window.

Authority's Position

Kogan said: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where supporters are loyal to a regional establishment that has been part of their lives in many cases.

"I fully appreciate the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for reasons that have nothing to do with the fans themselves."

When asked if the oversight body could require an owner to sell a club if they are deemed unsuitable, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we gather the evidence and know what's going on, we will."

But the regulator clarified that forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to collaborate with owners.

"The final option we would consider is commence engagement with an specific team, an individual owner, without having the opportunity to collaborate with that owner to try and resolve the problems affecting the organization and the proprietor's dealing with," the chairman stated.

"In actuality, when you look back over the history of the game, over the past few decades there have been some owners, few in number, but particular people who have shown negligence in the approach they have taken toward their teams and eventually decline to assume obligation for the future."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to detail the scope of the authority recently and maintained it represented a "progressive gathering" with a "high level of engagement" from the lower divisions to the top flight.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the extraordinary progress that's been made necessary will vanish rapidly," Kogan said.

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

"There's an enormous amount of money flowing into the game and has been channeled for the recent generations, because certainty is lacking it will persist in entering the game, which is among the factors explaining I think we have to maintain a focused outlook on challenges and obviously, of the coming seasons."

Top Flight Apprehensions

Elite division representatives objected to the formation of an authority because of concerns about detrimental effects on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the success and growth as an financial organization of the Premier League.

"As someone who appreciates the concern of undermining the division as a high-quality offering of this country. But at the same time, 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 informing us confidentially they have a considerable comfort."

Partisan Associations

The chairman continues to confront a "full inquiry" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in recent years.

The chairman donated money to government minister the politician's campaign, along with that of the current Prime Minister.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.

"I am presently disconnected from any form of political activity."