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The team's persistent issues represent a a "serious issue" and the football regulator is looking to gain the ability to investigate clubs in similar circumstances, the newly appointed chairman the regulator has stated.

In a wide-ranging interview, Kogan, who was named to the position this week, showed understanding towards supporters of the Owls.

Kogan met with four supporters' associations connected to the football team this week.

The football club 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.

"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," the regulator explained.

"The club represents one of the historic institutions for the English game and this week we have met fan representatives.

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

Economic Challenges and Ownership Situation

The club's controversial proprietor the Thai businessman suggested earlier this year he would be open to selling the club at their home ground, but he has been unable to finalize an agreement with interested parties.

Delayed salary payments on time in March and May caused limitations by the football authorities in summer, blocking the team from conducting any transfers or loans for the next three transfer windows, although the ban was rescinded in late summer.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 people are committed to a local institution that has existed throughout their lifetimes in many cases.

"I completely understand the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or been close to going to the wall, for factors unrelated to the fans themselves."

Inquired if the regulator could force an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and understand the situation, we will."

But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the authority would rather to cooperate with proprietors.

"The final option we would consider is begin intervening in an individual club, an specific proprietor, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the chairman's encountering," the chairman stated.

"However, realistically, when you look back over the history of the game, over the last 20 or 30 years there have been certain proprietors, not many, but particular people who have shown negligence in the approach they have taken toward their organizations and finally don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

Kogan met with officials from numerous teams to explain the responsibilities of the oversight body this week and stated it constituted a "proactive meeting" with a "high level of engagement" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the sport makes errors, the significant advances achieved might evaporate incredibly quickly," Kogan said.

"Such an outcome is universally undesirable in the terms of English football is a substantial accomplishment - we must maintain momentum.

"Considerable investment coming into football and has been invested for the recent generations, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the next two or three years."

Top Flight Apprehensions

Elite division representatives objected to the establishment of an oversight body because of fears of a negative impact on the top-flight's competitiveness, but Kogan said: "I fully support the success and growth as an financial organization of the Premier League.

"Being fully aware of the worry about compromising the Premier League as a premium product of this country. But at the same time, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, indeed, they have been telling us in private they have a considerable comfort."

Political Connections

The chairman continues to confront a "thorough examination" by the official appointments authority after he acknowledged providing funds to the Labour Party in the past.

The 68-year-old donated money to government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the chairman stated.

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