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The Championship club's current difficulties are seen as a "serious issue" and the new football authority is seeking powers to investigate clubs in comparable cases, its new chair the official has announced.

Through a comprehensive talk, Kogan, who was appointed on Monday, voiced concern towards Wednesday's fanbase.

Kogan met with four fan organizations representing the Championship side recently.

The Championship side have been facing challenges both on and off the pitch in the current year, with the club missing wage payments on five separate occasions, including in last month.

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

"The club represents one of the iconic names for football in England and in recent days we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will permit us to bring the club and similar situations referred to us if they warrant scrutiny and acted upon."

Financial Struggles and Ownership Situation

The club's controversial proprietor the Thai businessman suggested earlier this year he would be willing to sell up at Hillsborough, but he has failed to complete a sale with interested parties.

Failure to pay player wages on time in March and May led to sanctions by the football authorities in mid-year, blocking the team from conducting any recruitment activities for the next three transfer windows, although that restriction was lifted in late summer.

Authority's Position

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where people are committed to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I completely understand the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for reasons that have nothing to do with the supporters."

Inquired if the regulator could force an chairman to relinquish a club if they are deemed unsuitable, the regulator answered: "If your question is 'would we intervene in the final instance?', the response would be once we collect the information and understand the situation, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to collaborate with owners.

"Our least desirable course of action is start getting involved with an specific team, an individual owner, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the proprietor's dealing with," Kogan said.

"However, realistically, when you review the record of the game, over the last 20 or 30 years there have been some owners, a small minority, but particular people who have shown negligence in the manner they have operated their teams and eventually refuse to accept accountability for the coming years."

'Mistakes could erase significant advances'

The chairman convened with representatives from 110 clubs to detail the scope of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because if errors are made, if the football community fails, the remarkable development accomplished might evaporate swiftly," Kogan said.

"Such an outcome is universally undesirable in the realm of domestic football is a major achievement - we need to continue the progress.

"There's an enormous amount of money flowing into the game and has been channeled for the last 20 or 25 years, because there's no guarantee it will keep flowing into the sport, which is among the factors explaining I think we have to adopt a precise perspective on risk and of course, of the coming seasons."

Premier League Concerns

Top flight officials resisted the formation of an authority because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I'm absolutely committed to the achievement and development as an economic entity of the Premier League.

"Being fully aware of the worry about compromising the division as a high-quality offering of this country. But simultaneously, if you talk to the Premier League after the recent gathering, they would have had a significant degree of comfort -and, actually, 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 Labour Party in recent years.

The 68-year-old provided financial support for Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.

"I've been completely open about my former ideological connection [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.

"I currently have no participation in any sort of politics."