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The Championship club's ongoing struggles represent a a "major concern" and the independent regulator is seeking powers to investigate clubs in similar circumstances, its new chair the regulator has announced.

In a wide-ranging interview, the chairman, who was recently selected, voiced concern towards Wednesday's fanbase.

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

The football club have been struggling on and off the field in the current year, with the club failing to pay players on time on several different times, including in September.

"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," Kogan told.

"The club represents one of the iconic names for the English game and recently we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will enable us to take Sheffield Wednesday - and other clubs referred to us if they require examination and acted upon."

Financial Struggles and Proprietorship Status

The club's controversial proprietor the current owner stated during the off-season he would be willing to sell up at the stadium, but he has failed to complete a sale with interested parties.

Delayed salary payments on time in earlier this year caused limitations by the football authorities in summer, preventing the club from carrying out any player acquisitions for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Regulator's Perspective

The regulator explained: "The position was created for the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a community organization that has represented their community in numerous instances.

"I have absolute sympathy for the team's plight, 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 fans themselves."

When asked if the regulator could force an owner to sell a club if they are considered unfit, Kogan said: "When asking whether 'would we intervene in the final instance?', the response would be once we gather the evidence and comprehend the circumstances, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be viewed as the ultimate measure and the regulator would prefer to work with them.

"Our least desirable course of action is start getting involved with an specific team, an specific proprietor, without having the opportunity to collaborate with that chairman to fix the issues that the club's facing and the proprietor's dealing with," the chairman stated.

"In actuality, when you look back over the history of the sport, over the last 20 or 30 years there have been some owners, not many, but particular people who have shown negligence in the way which they've been managing their teams and eventually don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to explain the responsibilities of the authority recently and maintained it represented a "proactive meeting" with a "substantial involvement" from the lower divisions to the top flight.

"This position carries substantial significance, because if we get it wrong, if the sport makes errors, the remarkable development accomplished necessary will vanish rapidly," Kogan said.

"Such an outcome is universally undesirable in the terms of English football is a huge success story - we've got to keep it going.

"Substantial financial resources entering the sport and has been channeled for the last 20 or 25 years, because certainty is lacking it will keep flowing into the sport, which is among the factors explaining I think we have to adopt a precise perspective on potential dangers and naturally, of the next two or three years."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the achievement and development as an commercial operation of the Premier League.

"I of all people understand the worry about compromising the Premier League as a premium product of the nation. But simultaneously, if you talk to the Premier League after this week's discussion, they would have had a high level of reassurance -and, indeed, they have been advising us privately they have a significant confidence."

Ideological Links

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the Labour Party in recent years.

The official donated money to government minister the politician's campaign, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.

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