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The team's current difficulties constitute a "serious issue" and the football regulator is seeking powers to examine team situations in similar circumstances, the newly appointed chairman the official has announced.

During an extensive discussion, the chairman, who was appointed on Monday, showed understanding towards the club's followers.

The chairman convened with four supporter groups connected to the South Yorkshire club this week.

The team have been facing challenges both on and off the pitch in this season, with the club missing wage payments on several different times, including in September.

"Obviously the club has become a major concern for the league and a major challenge for the sport," the chairman stated.

"Sheffield Wednesday is one of the iconic names for English football and this week we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will allow us to have Wednesday and comparable cases submitted for our review if they warrant scrutiny and acted upon."

Economic Challenges and Ownership Situation

Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be open to selling the club at Hillsborough, but he has failed to complete a sale with interested parties.

Failure to pay player wages on time in spring months led to sanctions by the English Football League (EFL) in mid-year, blocking the team from conducting any transfers or loans for the next three transfer windows, although that restriction was lifted in August.

Official's Viewpoint

Kogan said: "Our role exists to serve the Owls followers, other clubs in similar situations where fans are dedicated to a regional establishment that has been part of their lives in many cases.

"I fully appreciate Sheffield Wednesday, as I do for each organization that over recent decades have faced collapse, or approached financial ruin, for reasons that have nothing to do with the supporters."

Questioned about whether the oversight body could require an chairman to relinquish a club if they are considered unfit, the chairman responded: "When asking whether 'would we intervene in the final instance?', the reply is once we collect the information and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be considered the final option and the authority would rather to work with them.

"Our least desirable course of action is start getting involved with an individual club, an particular chairman, without being able to work with that chairman to fix the problems affecting the organization and the proprietor's dealing with," the chairman stated.

"In actuality, when you examine the past of the sport, over the past few decades there have been some owners, few in number, but some who have been irresponsible in the manner they have operated their organizations and finally refuse to accept accountability for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with officials from numerous teams to explain the responsibilities of the authority recently and insisted it was a "progressive gathering" with a "substantial involvement" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the world of football gets it wrong, the extraordinary progress that's been made might evaporate incredibly quickly," Kogan said.

"This represents everyone's worst fear in the realm of domestic football is a huge success story - we've got to keep it going.

"Substantial financial resources coming into football and has been channeled for the past two decades, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to adopt a precise perspective on potential dangers and naturally, of the next two or three years."

Elite Division Worries

Top flight officials resisted the establishment of an oversight body because of fears of a negative impact on the top-flight's competitiveness, but the chairman responded: "I completely endorse the achievement and development as an commercial operation of the top division.

"I of all people understand the apprehension regarding damaging the top flight as an elite competition of this country. But simultaneously, if you talk to the Premier League after this week's discussion, they would have had a substantial amount of confidence -and, actually, they have been advising us privately they have a considerable comfort."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the public appointments commissioner after he disclosed making donations to the political party in the past.

The chairman donated money to Secretary of State for Culture, Media and Sport 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 ideological connection terminated the day the select committee approved my appointment," the regulator explained.

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