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The Championship club's current difficulties represent a a "major concern" and the football regulator is aiming to acquire authority to investigate clubs in such situations, the newly appointed chairman the regulator has stated.

During an extensive discussion, Kogan, who was appointed on Monday, expressed "sympathy" towards the club's followers.

The regulator engaged with four fan organizations connected to the Championship side in recent days.

The Championship side have been struggling on and off the field in the current year, with the club missing wage payments on several different times, including in September.

"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," the regulator explained.

"Sheffield Wednesday is one of the iconic names for the English game and in recent days we have met supporters' organizations.

"Our aim is to acquire the ability... which will permit us to bring Sheffield Wednesday - and other clubs submitted for our review if they need to be investigated and addressed."

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 been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in March and May resulted in restrictions being imposed by the English Football League (EFL) in mid-year, blocking the team from conducting any recruitment activities for the following recruitment periods, although the ban was rescinded in late summer.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, teams facing challenges where fans are dedicated to a local institution that has represented their community in many cases.

"I completely understand the team's plight, as I do for each organization that over recent decades have faced collapse, or been close to going to the wall, for reasons that have nothing to do with the supporters."

Inquired if the regulator could force an proprietor to divest a club if they are deemed unsuitable, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we collect the information and comprehend the circumstances, we will."

But Kogan stressed that compelling proprietors to divest 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 commence engagement with an specific team, an specific proprietor, without being in a position to cooperate with that proprietor to address the challenges confronting the team and the owner's facing," Kogan said.

"However, realistically, when you review the record 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 clubs and ultimately decline to assume obligation for the future."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged representatives from 110 clubs to detail the scope of the authority recently and stated it constituted a "proactive meeting" with a "substantial involvement" from the National League to the Premier League.

"The role holds considerable importance, because should mistakes occur, if the world of football gets it wrong, the extraordinary progress that's been made could disappear incredibly quickly," the chairman stated.

"And that's what nobody wants in the realm of domestic football is a substantial accomplishment - we've got to keep it going.

"There's an enormous amount of money coming into football and has been invested for the last 20 or 25 years, because certainty is lacking it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the immediate future."

Top Flight Apprehensions

Elite division representatives objected to the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but the chairman responded: "I'm absolutely committed to the achievement and development as an economic entity of the elite league.

"I of all people understand the concern of undermining the Premier League as a premium product of England. But at the same time, if you engage with division representatives after today's meeting, they would have had a substantial amount of confidence -and, in fact, they have been advising us privately they have a considerable comfort."

Partisan Associations

Kogan is still facing a "thorough examination" by the official appointments authority after he revealed he contributed money to the opposition group in the past.

The official contributed funds to Culture Secretary 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 parliamentary committee confirmed my selection," Kogan said.

"I currently have no participation in any type of partisan engagement."