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The team's ongoing struggles constitute a "significant problem" and the football regulator is looking to gain the ability to investigate clubs in similar circumstances, the newly appointed chairman the official has stated.

In a wide-ranging interview, Kogan, who was named to the position this week, voiced concern towards supporters of the Owls.

The chairman convened with four fan organizations representing the South Yorkshire club this week.

The football club have been struggling on and off the field in this season, with the club delaying salary disbursements on several different times, including in last month.

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

"The club represents one of the iconic names for English football and recently we have met fan representatives.

"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs brought to our attention if they need to be investigated and dealt with."

Economic Challenges and Leadership Concerns

The club's controversial proprietor Dejphon Chansiri indicated in the summer he would be prepared to relinquish control at their home ground, but he has not been able to secure a deal with interested parties.

Missed wage deadlines on time in spring months led to sanctions by the football authorities in June, blocking the team from conducting any transfers or loans for the following recruitment periods, although those limitations were removed in late summer.

Regulator's Perspective

The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a regional establishment that has represented their community in multiple situations.

"I have absolute sympathy for the club's situation, as I do for every team that in modern times have encountered failure, or been close to going to the wall, for reasons that have nothing to do with the supporters."

Inquired if the oversight body could require an proprietor to divest a club if they are considered unfit, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and know what's going on, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to cooperate with proprietors.

"The last thing what we want to do is start getting involved with an particular organization, 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.

"However, realistically, when you examine the past of the game, over the last 20 or 30 years there have been some owners, a small minority, but some who have been irresponsible in the way which they've been managing their teams and eventually refuse to accept accountability for the coming years."

'Errors may undo substantial development'

The chairman convened with delegates from multiple organizations to detail the scope of the authority recently and maintained it represented a "proactive meeting" with a "significant participation" 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 might evaporate incredibly quickly," the regulator warned.

"Such an outcome is universally undesirable in the realm of domestic football is a huge success story - we must maintain momentum.

"Substantial financial resources flowing into the game and has been invested for the recent generations, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to take a really clear view on potential dangers and naturally, of the next two or three years."

Premier League Concerns

Elite division representatives objected to the formation of an authority because of concerns about detrimental effects on the top-flight's competitiveness, but the regulator stated: "I completely endorse the prosperity and expansion as an financial organization of the Premier League.

"Being fully aware of the concern of undermining the Premier League as a premium product of England. But at the same time, if you talk to the Premier League after this week's discussion, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a high level of reassurance."

Ideological Links

Kogan is still facing a "thorough examination" by the official appointments authority after he acknowledged providing funds to the political party in the past.

The 68-year-old provided financial support for government minister the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the regulator explained.

"I am presently disconnected from any sort of politics."