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The Championship club's persistent issues represent a a "serious issue" and the football regulator is seeking powers to investigate clubs in similar circumstances, its new chair the regulator has stated.

Through a comprehensive talk, Kogan, who was appointed on Monday, expressed "sympathy" towards the club's followers.

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

The Championship side have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on several different times, including in September.

"Clearly Sheffield Wednesday has been a serious issue for football authorities and a major challenge for the sport," the regulator explained.

"Wednesday stands as one of the great brands for English football and in recent days we have met fan representatives.

"Our aim is to acquire the ability... which will enable us to take Wednesday and comparable cases submitted for our review if they require examination and acted upon."

Financial Struggles and Proprietorship Status

Wednesday's embattled owner Dejphon Chansiri suggested earlier this year he would be open to selling the club at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Delayed salary payments on time in earlier this year led to sanctions by the English Football League (EFL) in summer, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although those limitations were removed in the end of the transfer window.

Regulator's Perspective

Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, Bury or any football club where fans are dedicated to a local institution that has been part of their lives in numerous instances.

"I fully appreciate the team's plight, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for causes separate from the fans themselves."

Questioned about whether the regulator could force an owner to sell a club if they are judged inappropriate, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we gather the evidence and understand the situation, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the regulator would prefer to collaborate with owners.

"Our least desirable course of action is start getting involved with an particular organization, an specific proprietor, without being able to work with that owner to try and resolve the challenges confronting the team and the proprietor's dealing with," Kogan said.

"In actuality, when you examine the past of the game, over the last 20 or 30 years there have been certain proprietors, few in number, but some who have been irresponsible in the manner they have operated their teams and eventually decline to assume obligation for the long-term prospects."

'Errors may undo substantial development'

Kogan met with officials from numerous teams to explain the responsibilities of the oversight body this week and insisted it was a "progressive gathering" with a "significant participation" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the significant advances achieved necessary will vanish incredibly quickly," the regulator warned.

"This represents everyone's worst fear in the terms of English football is a substantial accomplishment - we've got to keep it going.

"Substantial financial resources coming into football and has been invested for the last 20 or 25 years, because there's no guarantee it will continue to come into football, which is one of the reasons why I think we have to take a really clear view on challenges and obviously, of the immediate future."

Premier League Concerns

Elite division representatives objected to the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I completely endorse the prosperity and expansion as an commercial operation of the Premier League.

"As someone who appreciates the apprehension regarding damaging the Premier League as a premium product of England. But simultaneously, if you engage with division representatives after the recent gathering, they would have had a substantial amount of confidence -and, actually, they have been advising us privately they have a significant confidence."

Ideological Links

The chairman continues to confront a "thorough examination" by the official appointments authority after he disclosed making donations to the political party in the past.

The official contributed funds to government minister the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my previous political affiliation [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," Kogan said.

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