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The Championship club's ongoing struggles represent a a "significant problem" and the independent regulator is looking to gain the ability to examine team situations in such situations, its new chair the official has announced.

During an extensive discussion, the regulator, who was appointed on Monday, expressed "sympathy" towards the club's followers.

The chairman convened with four supporters' associations representing the football team in recent days.

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.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a substantial concern for English football," Kogan told.

"The club represents one of the historic institutions for the English game and recently we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will enable us to take Wednesday and comparable cases submitted for our review if they require examination and acted upon."

Monetary Issues and Ownership Situation

The team's struggling chairman the current owner indicated in the summer 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 caused limitations by the football authorities in June, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

The regulator explained: "Our role exists to serve the supporters of Wednesday, other clubs in similar situations where people are committed to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I completely understand Sheffield Wednesday, as I do for each organization that since 1992 have gone to the wall, or approached financial ruin, for factors unrelated to the fans themselves."

Questioned about whether the regulator could force an owner to sell a club if they are judged inappropriate, the regulator answered: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and understand the situation, we will."

But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"Our least desirable course of action is commence engagement with an individual club, an specific proprietor, without being able to work with that proprietor to address the issues that the club's facing and the proprietor's dealing with," the chairman stated.

"However, realistically, when you look back over the history of the sport, over the past few decades there have been some owners, few in number, but some who have been irresponsible in the manner they have operated their organizations and finally decline to assume obligation for the future."

'Mistakes could erase significant advances'

The chairman convened with representatives from 110 clubs to lay out the remit of the oversight body this week and stated it constituted a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"It's a job that's actually really important, because if errors are made, if the football community fails, the remarkable development accomplished necessary will vanish rapidly," the regulator warned.

"Such an outcome is universally undesirable 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 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 adopt a precise perspective on potential dangers and naturally, of the next two or three years."

Premier League Concerns

Elite division representatives objected to the creation of a regulator because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the achievement and development as an commercial operation of the top division.

"Being fully aware of the apprehension regarding damaging the division as a high-quality offering of England. But concurrently, if you consult with top flight officials after today's meeting, they would have had a high level of reassurance -and, indeed, they have been advising us privately they have a high level of reassurance."

Political Connections

The regulator remains subject to a "thorough examination" by the official appointments authority after he disclosed making donations to the Labour Party in 2020.

The official contributed funds to Secretary of State for Culture, Media and Sport 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 party membership ceased the day the parliamentary committee confirmed my selection," the regulator explained.

"I am no longer involved in any sort of politics."