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The Championship club's ongoing struggles constitute a "major concern" and the new football authority is seeking powers to investigate clubs in similar circumstances, its new chair the official has declared.

Through a comprehensive talk, the regulator, who was named to the position this week, voiced concern towards supporters of the Owls.

Kogan met with four supporter groups associated with the Championship side in recent days.

The football club have been facing challenges both on and off the pitch in this season, with the club delaying salary disbursements on several different times, including in September.

"Clearly Sheffield Wednesday has been a major concern for the league and a major challenge for the sport," Kogan told.

"Wednesday stands as one of the iconic names for the English game and this week we have met supporters' organizations.

"We are seeking authority... which will enable us to take Wednesday and comparable cases referred to us if they warrant scrutiny and dealt with."

Monetary Issues and Ownership Situation

The club's controversial proprietor the current owner suggested earlier this year he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with interested parties.

Delayed salary payments on time in earlier this year resulted in restrictions being imposed by the league officials in mid-year, stopping Wednesday from completing any player acquisitions for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Official's Viewpoint

The regulator explained: "Our role exists to serve the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a local institution that has existed throughout their lifetimes in numerous instances.

"I fully appreciate the club's situation, as I do for all the clubs that in modern times have encountered failure, or nearly ceased operations, for reasons that have nothing to do with the followers."

Inquired if the oversight body could require 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 reply is once we gather the evidence and understand the situation, we will."

But the chairman emphasized that forcing owners to sell clubs would be viewed as the ultimate measure and the oversight body would choose to work with them.

"Our least desirable course of action is begin intervening in an specific team, an individual owner, without having the opportunity to collaborate with that owner to try and resolve the issues that the club's facing and the owner's facing," the regulator explained.

"But the truth is, when you look back over the history of the sport, over the last 20 or 30 years there have been certain proprietors, not many, but particular people who have shown negligence in the manner they have operated their clubs and ultimately don't wish to take responsibility for the long-term prospects."

'Errors may undo substantial development'

The regulator engaged delegates from multiple organizations to detail the scope of the oversight body this week and stated it constituted a "progressive gathering" with a "high level of engagement" from the lower divisions to the top flight.

"This position carries substantial significance, because if we get it wrong, if the world of football gets it wrong, the significant advances achieved might evaporate swiftly," the regulator warned.

"This represents everyone's worst fear in the terms of English football is a major achievement - we must maintain momentum.

"Considerable investment flowing into the game and has come into football for the recent generations, because there's no guarantee it will continue to come into football, which is one of the reasons why I think we have to adopt a precise perspective on challenges and obviously, of the coming seasons."

Top Flight Apprehensions

Top flight officials resisted the creation of a regulator because of fears of a negative impact on the elite division's competitive balance, but Kogan said: "I completely endorse the achievement and development as an commercial operation of the Premier League.

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of the nation. But at the same time, if you talk to the Premier League after the recent gathering, they would have had a substantial amount of confidence -and, in fact, they have been telling us in private they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the political party in the past.

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

"I have fully disclosed my past party membership [with Labour], and that party membership ceased the day the select committee approved my appointment," the regulator explained.

"I am presently disconnected from any type of partisan engagement."