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The Championship club's current difficulties are seen as a "major concern" and the new football authority is looking to gain the ability to investigate clubs in similar circumstances, the newly appointed chairman the regulator has declared.

Through a comprehensive talk, the chairman, who was recently selected, voiced concern towards Wednesday's fanbase.

The chairman convened with four fan organizations connected to the football team in recent days.

The Championship side have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on multiple instances, including in last month.

"Obviously the club has become a serious issue for football authorities and a substantial concern for English football," Kogan told.

"The club represents one of the great brands for the English game and in recent days we have met fan representatives.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and dealt with."

Monetary Issues and Leadership Concerns

The club's controversial proprietor the Thai businessman indicated in the summer he would be open to selling the club at the stadium, but he has been unable to finalize an agreement with potential new owners.

Missed wage deadlines on time in March and May resulted in restrictions being imposed by the football authorities in mid-year, preventing the club from carrying out any player acquisitions for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Official's Viewpoint

The chairman stated: "The position was created for the supporters of Wednesday, teams facing challenges where fans are dedicated to a community organization that has represented their community in numerous instances.

"I have absolute sympathy for the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the supporters."

Inquired if the authority might compel an proprietor to divest a club if they are deemed unsuitable, the regulator answered: "If your question is 'would we intervene in the final instance?', the response would be once we assemble the facts and know what's going on, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to work with them.

"The last thing what we want to do is begin intervening in an individual club, an particular chairman, without having the opportunity to collaborate with that proprietor to address the problems affecting the organization and the owner's facing," Kogan said.

"In actuality, when you look back over the history of football, over the recent generations there have been certain proprietors, few in number, but certain individuals who have acted carelessly in the way which they've been managing their organizations and finally refuse to accept accountability for the future."

'Errors may undo substantial development'

Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and insisted it was a "progressive gathering" with a "significant participation" from the National League to the Premier League.

"It's a job that's actually really important, because if we get it wrong, if the football community fails, the significant advances achieved necessary will vanish incredibly quickly," Kogan said.

"Such an outcome is universally undesirable in the context of the English game is a substantial accomplishment - we've got to keep it going.

"Considerable investment flowing into the game and has come into football for the past two decades, because certainty is lacking it will continue to come into football, which is part of the rationale behind I think we have to adopt a precise perspective on risk and of course, of the next two or three years."

Elite Division Worries

Top flight officials resisted the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the achievement and development as an commercial operation of the Premier League.

"Being fully aware of the worry about compromising the division as a high-quality offering of England. But concurrently, if you engage with division representatives after this week's discussion, they would have had a significant degree of comfort -and, indeed, they have been telling us in private they have a significant confidence."

Political Connections

The regulator remains subject to a "thorough examination" by the Commissioner for Public Appointments after he acknowledged providing funds to the opposition group in recent years.

The 68-year-old donated money to government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my former ideological connection [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," Kogan said.

"I currently have no participation in any form of political activity."