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The team's current difficulties are seen as a "major concern" and the independent regulator is looking to gain the ability to investigate clubs in such situations, the newly appointed chairman the official has declared.

Through a comprehensive talk, the chairman, who was recently selected, voiced concern towards the club's followers.

The regulator engaged with four fan organizations associated with the Championship side in recent days.

The Championship side have been struggling on and off the field in the current year, with the club delaying salary disbursements on multiple instances, including in September.

"Obviously the club has become a serious issue for football authorities and a major challenge for the sport," the chairman stated.

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

"Our aim is to acquire the ability... which will enable us to take Wednesday and comparable cases brought to our attention if they warrant scrutiny and acted upon."

Financial Struggles and Proprietorship Status

Wednesday's embattled owner the Thai businessman suggested earlier this year he would be willing to sell up at their home ground, but he has not been able to secure a deal with potential new owners.

Failure to pay player wages on time in earlier this year led to sanctions by the English Football League (EFL) in mid-year, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although those limitations were removed in August.

Regulator's Perspective

The regulator explained: "The position was created for the Owls followers, teams facing challenges where supporters are loyal to a local institution that has been part of their lives in multiple situations.

"I have absolute sympathy for the team's plight, as I do for every team that over recent decades have faced collapse, or nearly ceased operations, for factors unrelated to the supporters."

Inquired if the regulator could force an owner to sell a club if they are considered unfit, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.

"The final option we would consider is commence engagement with an individual club, an specific proprietor, without having the opportunity to collaborate with that owner to try and resolve the problems affecting the organization and the proprietor's dealing with," the regulator explained.

"But the truth is, 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 some who have been irresponsible in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the future."

'Errors may undo substantial development'

Kogan met with delegates from multiple organizations to explain the responsibilities of the regulator on Wednesday and stated it constituted a "proactive meeting" with a "high level of engagement" from the grassroots to elite level.

"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made could disappear swiftly," the regulator warned.

"This represents everyone's worst fear in the context of the English game is a huge success story - we must maintain momentum.

"There's an enormous amount of money flowing into the game and has been invested for the past two decades, because certainty is lacking it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the next two or three years."

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 fully support the achievement and development as an economic entity of the Premier League.

"Being fully aware of the concern of undermining the top flight as an elite competition of the nation. But at the same time, if you consult with top flight officials after today's meeting, 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."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he revealed he contributed money to the opposition group in 2020.

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

"I have fully disclosed my previous political affiliation [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the chairman stated.

"I currently have no participation in any form of political activity."