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The Championship club's current difficulties constitute a "significant problem" and the football regulator is looking to gain the ability to look into club affairs in similar circumstances, its new chair the official has stated.

Through a comprehensive talk, the chairman, who was recently selected, expressed "sympathy" towards Wednesday's fanbase.

Kogan met with four fan organizations representing the South Yorkshire club in recent days.

The Championship side have been struggling on and off the field in the current year, with the club missing wage payments on several different times, including in last month.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a major challenge for the sport," the regulator explained.

"Sheffield Wednesday is one of the historic institutions for English football and this week we have met fan representatives.

"We are seeking authority... which will allow us to have Wednesday and comparable cases brought to our attention if they need to be investigated and acted upon."

Financial Struggles and Ownership Situation

Wednesday's embattled owner the Thai businessman indicated in the summer he would be willing to sell up at their home ground, but he has failed to complete a sale with interested parties.

Delayed salary payments on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in June, blocking the team from conducting any player acquisitions for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Official's Viewpoint

The regulator explained: "Our role exists to serve the fans of Sheffield Wednesday, Bury or any football club where supporters are loyal to a regional establishment that has existed throughout their lifetimes in multiple situations.

"I have absolute sympathy for the team's plight, as I do for each organization that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the followers."

Questioned about whether the authority might compel an owner to sell 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 collect the information and know what's going on, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be treated as a "last resort" and the regulator would prefer to work with them.

"Our least desirable course of action is begin intervening in an individual club, an particular chairman, without being in a position to cooperate with that chairman to fix the challenges confronting the team 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 some owners, not many, but particular people who have shown negligence in the manner they have operated their organizations and finally decline to assume obligation for the coming years."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to lay out the remit of the oversight body this week and insisted it was a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because if we get it wrong, if the world of football gets it wrong, the remarkable development accomplished might evaporate incredibly quickly," the chairman stated.

"And that's what nobody wants in the terms of English football is a substantial accomplishment - we need to continue the progress.

"Substantial financial resources coming into football and has been invested for the recent generations, because certainty is lacking it will keep flowing into the sport, which is among the factors explaining I think we have to maintain a focused outlook on risk and of course, of the immediate future."

Premier League Concerns

The Premier League opposed the establishment of an oversight body because of fears of a negative impact on the elite division's competitive balance, but Kogan said: "I completely endorse the prosperity and expansion as an commercial operation of the Premier League.

"Being fully aware of the worry about compromising the top flight as an elite competition of England. But simultaneously, if you engage with division representatives after the recent gathering, they would have had a high level of reassurance -and, in fact, they have been advising us privately they have a high level of reassurance."

Ideological Links

The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in recent years.

The chairman contributed funds to Culture Secretary the minister's leadership bid, 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 select committee approved my appointment," the regulator explained.

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