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The Championship club's ongoing struggles are seen as a "serious issue" and the new football authority is aiming to acquire authority to investigate clubs in comparable cases, the recently named head the official has stated.

During an extensive discussion, the chairman, who was named to the position this week, expressed "sympathy" towards Wednesday's fanbase.

The chairman convened with four fan organizations connected to the South Yorkshire club this week.

The team have been facing challenges both on and off the pitch in the current year, with the club failing to pay players on time on multiple instances, including in the autumn.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a major challenge for the sport," Kogan told.

"Sheffield Wednesday is one of the iconic names for football in England and recently we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will enable us to take the club and similar situations referred to us if they need to be investigated and addressed."

Financial Struggles and Proprietorship Status

The team's struggling chairman the Thai businessman stated during the off-season he would be open to selling the club at their home ground, but he has failed to complete a sale with potential new owners.

Delayed salary payments on time in spring months caused limitations by the league officials in summer, preventing the club from carrying out any transfers or loans for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Official's Viewpoint

Kogan said: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated to a local institution that has represented their community in multiple situations.

"I have absolute sympathy for Sheffield Wednesday, as I do for each organization that over recent decades have faced collapse, or been close to going to the wall, for reasons that have nothing to do with the supporters."

Questioned about whether the oversight body could require an chairman to relinquish a club if they are judged inappropriate, Kogan said: "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 regulator clarified that forcing owners to sell clubs would be considered the final option and the oversight body would choose to work with them.

"Our least desirable course of action is commence engagement with an specific team, an particular chairman, without having the opportunity to collaborate with that proprietor to address the challenges confronting the team and the owner's facing," the regulator explained.

"However, realistically, when you look back over the history of the sport, over the last 20 or 30 years there have been some owners, a small minority, but particular people who have shown negligence in the manner they have operated their teams and eventually decline to assume obligation for the coming years."

'Errors may undo substantial development'

Kogan met with officials from numerous teams to detail the scope of the regulator on Wednesday and stated it constituted a "progressive gathering" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the extraordinary progress that's been made could disappear rapidly," Kogan said.

"And that's what nobody wants in the terms of English football is a huge success story - we've got to keep it going.

"There's an enormous amount of money flowing into the game and has been invested for the recent generations, because certainty is lacking it will continue to come into football, which is part of the rationale behind I think we have to adopt a precise perspective on risk and of course, of the immediate future."

Elite Division Worries

The Premier League opposed the establishment of an oversight body because of fears of a negative impact on the top-flight's competitiveness, but the chairman responded: "I fully support the achievement and development as an commercial operation of the top division.

"As someone who appreciates the worry about compromising the top flight as an elite competition of the nation. But simultaneously, if you consult with top flight officials after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the political party in 2020.

The chairman provided financial support for Culture Secretary the politician's campaign, along with that of the current Prime Minister.

"I've been completely open about my past party membership [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the regulator explained.

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