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The team's current difficulties are seen as a "serious issue" and the new football authority is looking to gain the ability to examine team situations in similar circumstances, its new chair the regulator has declared.

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

The regulator engaged with four supporters' associations representing the Championship side this week.

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.

"Evidently Wednesday represents a serious issue for football authorities and a major challenge for the sport," Kogan told.

"Wednesday stands as one of the great brands for football in England and this week we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will enable us to take the club and similar situations brought to our attention if they warrant scrutiny and addressed."

Financial Struggles and Leadership Concerns

The club's controversial proprietor the Thai businessman suggested earlier this year he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in March and May resulted in restrictions being imposed by the league officials in summer, preventing the club from carrying out any player acquisitions for the following recruitment periods, although the ban was rescinded in late summer.

Authority's Position

The chairman stated: "The position was created for the supporters of Wednesday, Bury or any football club where supporters are loyal to a regional establishment that has existed throughout their lifetimes in many cases.

"I completely understand the team's plight, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for factors unrelated to the followers."

Inquired if the oversight body could require an chairman to relinquish a club if they are deemed unsuitable, the regulator answered: "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 chairman emphasized that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"The final option we would consider is start getting involved with an specific team, an particular chairman, without being able to work with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the regulator explained.

"However, realistically, when you look back over the history of the game, over the last 20 or 30 years there have been certain proprietors, a small minority, but some who have been irresponsible in the manner they have operated their organizations and finally decline to assume obligation for the future."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged delegates from multiple organizations to detail the scope of the authority recently and insisted it was a "proactive meeting" with a "significant participation" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the world of football gets it wrong, the significant advances achieved could disappear incredibly quickly," Kogan said.

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

"Substantial financial resources coming into football and has come into football for the last 20 or 25 years, because there's no guarantee it will continue to come into football, which is part of the rationale behind I think we have to take a really clear view on challenges and obviously, of the next two or three years."

Elite Division Worries

Top flight officials resisted the formation of an authority because of concerns about detrimental effects on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an financial organization of the elite league.

"Being fully aware of the worry about compromising the top flight as an elite competition of this country. But simultaneously, if you consult with top flight officials after this week's discussion, they would have had a significant degree of comfort -and, indeed, they have been advising us privately they have a high level of reassurance."

Partisan Associations

The regulator remains subject to a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in the past.

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

"I've been completely open about my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.

"I am presently disconnected from any type of partisan engagement."