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The team's ongoing struggles constitute a "serious issue" and the football regulator is looking to gain the ability to look into club affairs in similar circumstances, the recently named head the official has stated.

In a wide-ranging interview, the regulator, who was named to the position this week, voiced concern towards Wednesday's fanbase.

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

The football club have been struggling on and off the field in the current year, with the club delaying salary disbursements on five separate occasions, including in September.

"Obviously the club has become a significant problem for EFL and a major challenge for the sport," the chairman stated.

"Sheffield Wednesday is one of the great brands for the English game and this week we have met supporters' organizations.

"Our aim is to acquire the ability... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they need to be investigated and dealt with."

Economic Challenges and Proprietorship Status

The team's struggling chairman Dejphon Chansiri indicated in the summer he would be prepared to relinquish control at Hillsborough, but he has not been able to secure a deal with potential new owners.

Delayed salary payments on time in spring months led to sanctions by the English Football League (EFL) in mid-year, preventing the club from carrying out any transfers or loans for the subsequent signing windows, although the ban was rescinded in August.

Official's Viewpoint

Kogan said: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where supporters are loyal to a local institution that has existed throughout their lifetimes in multiple situations.

"I fully appreciate the club's situation, as I do for every team that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the supporters."

Inquired if the regulator could force an proprietor to divest a club if they are judged inappropriate, Kogan said: "When asking whether 'would we intervene in the final instance?', the response would be once we gather the evidence and know what's going on, we will."

But the chairman emphasized that forcing owners to sell clubs would be considered the final option and the oversight body would choose to collaborate with owners.

"The final option we would consider is begin intervening in an particular organization, an individual owner, without being able to work with that proprietor to address the challenges confronting the team and the owner's facing," Kogan said.

"In actuality, when you review the record of football, over the recent generations there have been particular chairmen, not many, but particular people who have shown negligence in the manner they have operated their organizations and finally don't wish to take responsibility for the coming years."

'Errors may undo substantial development'

The chairman convened with officials from numerous teams to lay out the remit of the regulator on Wednesday and maintained it represented a "proactive meeting" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because if errors are made, if the world of football gets it wrong, the remarkable development accomplished might evaporate incredibly quickly," the regulator warned.

"This represents everyone's worst fear in the realm of domestic football is a huge success story - we must maintain momentum.

"Considerable investment flowing into the game and has come into football for the last 20 or 25 years, because there's no guarantee it will keep flowing into the sport, which is one of the reasons why I think we have to adopt a precise perspective on potential dangers and naturally, of the immediate future."

Elite Division Worries

Top flight officials resisted the creation of a regulator because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I'm absolutely committed to the success and growth as an financial organization of the Premier League.

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of this country. But concurrently, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a significant confidence."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the public appointments commissioner after he acknowledged providing funds to the Labour Party in recent years.

The official donated money to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the regulator explained.

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