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The Championship club's current difficulties constitute a "significant problem" and the new football authority is looking to gain the ability to examine team situations in similar circumstances, its new chair the official has declared.

In a wide-ranging interview, Kogan, who was appointed on Monday, voiced concern towards the club's followers.

The regulator engaged with four supporter groups connected to the South Yorkshire club in recent days.

The football club have been experiencing difficulties in multiple areas in the current year, with the club failing to pay players on time on multiple instances, including in September.

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

"Sheffield Wednesday is one of the iconic names for the English game and in recent days we have met fan representatives.

"We are seeking authority... which will enable us to take Wednesday and comparable cases submitted for our review if they warrant scrutiny and acted upon."

Financial Struggles and Proprietorship Status

Wednesday's embattled owner the current owner stated during the off-season he would be prepared to relinquish control at Hillsborough, but he has failed to complete a sale with interested parties.

Failure to pay player wages on time in earlier this year led to sanctions by the league officials in summer, preventing the club from carrying out any player acquisitions for the subsequent signing windows, although the ban was rescinded in late summer.

Regulator's Perspective

The chairman stated: "The position was created for the Owls followers, other clubs in similar situations where supporters are loyal to a local institution that has been part of their lives in multiple situations.

"I have absolute sympathy for Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the supporters."

Inquired if the regulator could force an chairman to relinquish a club if they are judged inappropriate, Kogan said: "When asking whether '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 forcing owners to sell 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 specific team, an particular chairman, without being in a position to cooperate with that owner to try and resolve the issues that the club's facing and the proprietor's dealing with," the chairman stated.

"In actuality, when you review the record of the game, over the past few decades there have been some owners, not many, but certain individuals who have acted carelessly in the manner they have operated their teams and eventually decline to assume obligation for the long-term prospects."

'Errors may undo substantial development'

The regulator engaged delegates from multiple organizations to detail the scope of the oversight body this week and stated it constituted a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the world of football gets it wrong, the extraordinary progress that's been made might evaporate swiftly," Kogan said.

"Such an outcome is universally undesirable in the realm of domestic football is a substantial accomplishment - we've got to keep it going.

"Substantial financial resources coming into football and has been channeled for the past two decades, because there's no guarantee it will persist in entering the game, which is among the factors explaining I think we have to take a really clear view on potential dangers and naturally, of the next two or three years."

Elite Division Worries

Elite division representatives objected to the establishment of an oversight body because of concerns about detrimental effects on the elite division's competitive balance, but the chairman responded: "I'm absolutely committed to the success and growth as an commercial operation of the top division.

"I of all people understand the apprehension regarding damaging the Premier League as a premium product of the nation. But simultaneously, if you engage with division representatives after this week's discussion, they would have had a significant degree of comfort -and, in fact, they have been telling us in private they have a considerable comfort."

Partisan Associations

The regulator remains subject to a "thorough examination" by the public appointments commissioner after he acknowledged providing funds to the Labour Party in the past.

The chairman donated money to Culture Secretary Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I've been completely open about my former ideological connection [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.

"I am presently disconnected from any sort of politics."