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The team's current difficulties represent a a "serious issue" and the new football authority is seeking powers to look into club affairs in similar circumstances, its new chair the regulator has stated.

Through a comprehensive talk, Kogan, who was appointed on Monday, voiced concern towards supporters of the Owls.

Kogan met with four supporters' associations connected to the South Yorkshire club in recent days.

The team have been struggling on and off the field in this season, with the club failing to pay players on time on multiple instances, including in September.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a substantial concern for English football," the chairman stated.

"Wednesday stands as 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 enable us to take Wednesday and comparable cases submitted for our review if they require examination and dealt with."

Monetary Issues and Proprietorship Status

Wednesday's embattled owner the Thai businessman suggested earlier this year he would be willing to sell up at the stadium, but he has not been able to secure a deal with prospective buyers.

Delayed salary payments on time in March and May caused limitations by the league officials in mid-year, preventing the club from carrying out any recruitment activities for the following recruitment periods, although that restriction was lifted in late summer.

Authority's Position

The chairman stated: "The position was created for the fans of Sheffield Wednesday, Bury or any football club where fans are dedicated to a local institution that has represented their community in multiple situations.

"I completely understand the team's plight, as I do for all the clubs that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the supporters."

Questioned about whether the authority might compel an proprietor to divest a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the reply is once we assemble the facts and understand the situation, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be considered the final option and the regulator would prefer 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 able to work with that proprietor to address the issues that the club's facing and the owner's facing," the regulator explained.

"However, realistically, when you review the record of the sport, over the recent generations there have been certain proprietors, not many, but certain individuals who have acted carelessly in the manner they have operated their organizations and finally refuse to accept accountability for the long-term prospects."

'Errors may undo substantial development'

Kogan met with representatives from 110 clubs to lay out the remit of the authority recently and maintained it represented a "forward-thinking discussion" with a "high level of engagement" from the lower divisions to the top flight.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the significant advances achieved might evaporate swiftly," Kogan said.

"And that's what nobody wants in the realm of domestic football is a major achievement - we need to continue the progress.

"Substantial financial resources flowing into the game and has been invested for the recent generations, because there's no guarantee it will continue to come into football, 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."

Top Flight Apprehensions

Elite division representatives objected to the establishment of an oversight body because of concerns about detrimental effects on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the prosperity and expansion as an financial organization of the Premier League.

"I of all people understand the worry about compromising the Premier League as a premium product of this country. But at the same time, if you engage with division representatives after this week's discussion, 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 "full inquiry" by the official appointments authority after he acknowledged providing funds to the opposition group in recent years.

The 68-year-old contributed funds to government minister 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 select committee approved my appointment," the chairman stated.

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