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The Championship club's current difficulties constitute a "significant problem" and the independent regulator is aiming to acquire authority to look into club affairs in similar circumstances, the recently named head the regulator has announced.

During an extensive discussion, the regulator, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

Kogan met with four supporter groups representing the football team recently.

The football club have been experiencing difficulties in multiple areas in the current year, with the club missing wage payments on five separate occasions, including in the autumn.

"Obviously the club has become a major concern for the league and a significant problem for football," the regulator explained.

"Wednesday stands as one of the iconic names for English football and in recent days we have met supporters' organizations.

"We're now looking to get powers... which will enable us to take Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and addressed."

Economic Challenges and Ownership Situation

The team's struggling chairman Dejphon Chansiri indicated in the summer he would be open to selling the club at their home ground, but he has been unable to finalize an agreement with potential new owners.

Delayed salary payments on time in March and May resulted in restrictions being imposed by the football authorities in mid-year, stopping Wednesday from completing any recruitment activities for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, Bury or any football club where fans are dedicated to a regional establishment that has been part of their lives in numerous instances.

"I fully appreciate the club's situation, as I do for all the clubs that in modern times have encountered failure, or nearly ceased operations, for reasons that have nothing to do with the supporters."

Inquired if the authority might compel an proprietor to divest a club if they are deemed unsuitable, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we assemble the facts and know what's going on, we will."

But the regulator clarified that compelling proprietors to divest 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 proprietor to address the problems affecting the organization and the chairman's encountering," the regulator explained.

"In actuality, when you review the record of football, over the past few decades there have been certain proprietors, few in number, but some who have been irresponsible in the approach they have taken toward their teams and eventually don't wish to take responsibility for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with officials from numerous teams to detail the scope of the regulator on Wednesday and stated it constituted a "progressive gathering" with a "high level of engagement" from the lower divisions to the top flight.

"It's a job that's actually really important, because if errors are made, if the football community fails, the significant advances achieved necessary will vanish swiftly," the regulator warned.

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

"There's an enormous amount of money entering the sport and has come into football for the past two decades, because certainty is lacking it will continue to come into football, which is among the factors explaining I think we have to adopt a precise perspective on challenges and obviously, of the next two or three years."

Premier League Concerns

Top flight officials resisted the creation of a regulator because of fears of a negative impact on the elite division's competitive balance, but the regulator stated: "I'm absolutely committed to the prosperity and expansion as an commercial operation of the elite league.

"As someone who appreciates the worry about compromising the Premier League as a premium product of the nation. But simultaneously, if you consult with top flight officials after the recent gathering, they would have had a substantial amount of confidence -and, actually, they have been informing us confidentially they have a considerable comfort."

Partisan Associations

The regulator remains subject to a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the political party in recent years.

The official provided financial support for government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my past party membership [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 sort of politics."