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The team's ongoing struggles are seen as a "serious issue" and the independent regulator is seeking powers to look into club affairs in similar circumstances, the recently named head the official has stated.

During an extensive discussion, the regulator, who was appointed on Monday, voiced concern towards supporters of the Owls.

The chairman convened with four fan organizations associated with the South Yorkshire club recently.

The Championship side have been struggling on and off the field in the current year, with the club missing wage payments on five separate occasions, including in the autumn.

"Clearly Sheffield Wednesday has been a major concern for the league and a significant problem for football," Kogan told.

"Wednesday stands as one of the historic institutions for English football and this week we have met supporters' organizations.

"We're now looking to get powers... which will allow us to have the club and similar situations submitted for our review if they require examination and addressed."

Monetary Issues and Proprietorship Status

The team's struggling chairman the Thai businessman indicated in the summer he would be open to selling the club at their home ground, but he has failed to complete a sale with potential new owners.

Delayed salary payments on time in March and May caused limitations by the league officials in mid-year, preventing the club from carrying out any player acquisitions for the next three transfer windows, although those limitations were removed in August.

Authority's Position

The regulator explained: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where supporters are loyal to a regional establishment that has been part of their lives in numerous instances.

"I completely understand Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the fans themselves."

When asked if the regulator could force an owner to sell a club if they are considered unfit, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we collect the information and comprehend the circumstances, we will."

But the chairman emphasized that forcing owners to sell clubs would be treated as a "last resort" and the authority would rather to collaborate with owners.

"The last thing what we want to do is start getting involved with an particular organization, an particular chairman, without being able to work with that chairman to fix the problems affecting the organization and the chairman's encountering," the chairman stated.

"In actuality, when you review the record of football, over the recent generations there have been certain proprietors, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their teams and eventually decline to assume obligation for the future."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to lay out the remit of the authority recently and maintained it represented a "forward-thinking discussion" with a "high level of engagement" from the lower divisions to the top flight.

"This position carries substantial significance, because if errors are made, if the football community fails, the significant advances achieved necessary will vanish incredibly quickly," 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 coming into football and has come into football for the past two decades, because there are no assurances it will continue to come into football, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the immediate future."

Elite Division Worries

The Premier League opposed the creation of a regulator because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but the chairman responded: "I completely endorse the success and growth as an commercial operation of the top division.

"I of all people understand the apprehension regarding damaging the Premier League as a premium product of the nation. But at the same time, if you talk to the Premier League after the recent gathering, they would have had a significant degree of comfort -and, indeed, they have been advising us privately they have a considerable comfort."

Political Connections

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he revealed he contributed money to the political party in recent years.

The official donated money to Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the current Prime Minister.

"I've been completely open about my previous political affiliation [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the regulator explained.

"I am no longer involved in any form of political activity."