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The Championship club's current difficulties are seen as a "serious issue" and the football regulator is aiming to acquire authority to examine team situations in comparable cases, the recently named head the regulator has declared.

In a wide-ranging interview, the chairman, who was appointed on Monday, showed understanding towards Wednesday's fanbase.

The regulator engaged with four supporters' associations connected to the South Yorkshire club in recent days.

The team have been experiencing difficulties in multiple areas in the current year, with the club failing to pay players on time on multiple instances, including in September.

"Clearly Sheffield Wednesday has been a major concern for the league and a significant problem for football," Kogan told.

"The club represents one of the iconic names for the English game and recently we have met fan representatives.

"We're now looking to get powers... which will permit us to bring Sheffield Wednesday - and other clubs submitted for our review if they require examination and dealt with."

Monetary Issues and Ownership Situation

The club's controversial proprietor the current owner indicated in the summer he would be willing to sell up at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Failure to pay player wages on time in March and May caused limitations by the English Football League (EFL) in mid-year, blocking the team from conducting any transfers or loans for the subsequent signing windows, although those limitations were removed in late summer.

Regulator's Perspective

The chairman stated: "Our role exists to serve the supporters of Wednesday, teams facing challenges where fans are dedicated to a community organization that has represented their community in multiple situations.

"I have absolute sympathy for the team's plight, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for causes separate from the fans themselves."

Questioned about whether the regulator could force an owner to sell a club if they are considered unfit, the regulator answered: "If your question is '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 chairman emphasized that requiring chairmen to relinquish clubs would be considered the final option and the regulator would prefer to collaborate with owners.

"The last thing what we want to do is commence engagement with an particular organization, an individual owner, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the proprietor's dealing with," Kogan said.

"In actuality, when you look back over the history of the game, over the recent generations there have been particular chairmen, not many, but particular people who have shown negligence in the approach they have taken toward their organizations and finally don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

The chairman convened with officials from numerous teams to detail the scope of the authority recently and insisted it was a "progressive gathering" with a "high level of engagement" from the National League to the Premier League.

"This position carries substantial significance, because if we get it wrong, if the world of football gets it wrong, the significant advances achieved might evaporate rapidly," Kogan said.

"Such an outcome is universally undesirable in the context of the English game is a substantial accomplishment - we need to continue the progress.

"Considerable investment entering the sport and has been channeled for the recent generations, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the next two or three years."

Top Flight Apprehensions

Top flight officials resisted the creation of a regulator because of apprehensions regarding adverse consequences 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.

"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of the nation. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a considerable comfort."

Political Connections

Kogan is still facing a "full inquiry" by the official appointments authority after he acknowledged providing funds to the political party in the past.

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

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that party membership ceased the day the official body endorsed my nomination," the regulator explained.

"I am no longer involved in any form of political activity."