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The Championship club's persistent issues constitute a "serious issue" and the new football authority is looking to gain the ability to examine team situations in comparable cases, its new chair the regulator has stated.

During an extensive discussion, the regulator, who was recently selected, expressed "sympathy" towards supporters of the Owls.

Kogan met with four supporter groups 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 missing wage payments on five separate occasions, including in September.

"Evidently Wednesday represents a serious issue for football authorities and a major challenge for the sport," the regulator explained.

"The club represents one of the historic institutions for English football and recently we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will enable us to take Sheffield Wednesday - and other clubs referred to us if they warrant scrutiny and addressed."

Financial Struggles and Proprietorship Status

The club's controversial proprietor the current owner indicated in the summer he would be open to selling the club at their home ground, but he has not been able to secure a deal with potential new owners.

Missed wage deadlines on time in spring months caused limitations by the English Football League (EFL) in June, preventing the club from carrying out any recruitment activities for the subsequent signing windows, although that restriction was lifted in August.

Official's Viewpoint

The regulator explained: "Our role exists to serve the Owls followers, other clubs in similar situations where people are committed to a regional establishment that has existed throughout their lifetimes in multiple situations.

"I fully appreciate the club's situation, as I do for all the clubs that over recent decades have faced collapse, or been close to going to the wall, for reasons that have nothing to do with the fans themselves."

When asked if the regulator could force an proprietor to divest a club if they are considered unfit, Kogan said: "When asking whether '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 forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to cooperate with proprietors.

"The last thing what we want to do is begin intervening in an individual club, 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.

"In actuality, when you look back over the history of the game, over the last 20 or 30 years there have been particular chairmen, not many, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually refuse to accept accountability for the coming years."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to lay out the remit of the oversight body this week and stated it constituted a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.

"It's a job that's actually really important, because if we get it wrong, if the sport makes errors, the remarkable development accomplished could disappear incredibly quickly," Kogan said.

"And that's what nobody wants in the context of the English game is a substantial accomplishment - we must maintain momentum.

"There's an enormous amount of money coming into football and has been invested for the past two decades, because there are no assurances it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on potential dangers and naturally, of the next two or three years."

Top Flight Apprehensions

The Premier League opposed the creation of a regulator because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I completely endorse the prosperity and expansion as an commercial operation of the Premier League.

"Being fully aware of the concern of undermining the division as a high-quality offering of this country. But simultaneously, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, in fact, they have been advising us privately they have a high level of reassurance."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in 2020.

The official contributed funds to Culture Secretary Lisa Nandy's leadership campaign, along with that of the government leader.

"I have been entirely transparent regarding my past party membership [with Labour], and that party membership ceased the day the official body endorsed my nomination," Kogan said.

"I am no longer involved in any type of partisan engagement."