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Sheffield Wednesday's ongoing struggles are seen as a "serious issue" and the independent regulator is looking to gain the ability to investigate clubs in comparable cases, the recently named head the regulator has announced.

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

The chairman convened with four supporters' associations representing the football team this week.

The Championship side have been struggling on and off the field in this season, with the club delaying salary disbursements on five separate occasions, including in last month.

"Obviously the club has become a major concern for the league and a substantial concern for English football," the regulator explained.

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

"We are seeking authority... which will enable us to take Sheffield Wednesday - and other clubs submitted for our review if they require examination and dealt with."

Economic Challenges and Leadership Concerns

The club's controversial proprietor the Thai businessman stated during the off-season he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with interested parties.

Missed wage deadlines on time in spring months led to sanctions by the English Football League (EFL) in June, blocking the team from conducting any player acquisitions for the next three transfer windows, although that restriction was lifted in late summer.

Regulator's Perspective

The regulator explained: "Our role exists to serve the Owls followers, teams facing challenges where supporters are loyal to a community organization that has existed throughout their lifetimes in multiple situations.

"I have absolute sympathy for the team's plight, as I do for every team that in modern times have encountered failure, or been close to going to the wall, for reasons that have nothing to do with the fans themselves."

Inquired if the oversight body could require an owner to sell a club if they are deemed unsuitable, the regulator answered: "When asking whether 'would we intervene in the final instance?', the answer is once we collect the information and understand the situation, we will."

But Kogan stressed 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 proprietor to address the challenges confronting the team and the proprietor's dealing with," the regulator explained.

"But the truth is, when you examine the past of the game, over the past few decades there have been particular chairmen, a small minority, but some who have been irresponsible in the way which they've been managing their teams and eventually don't wish to take responsibility for the coming years."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with representatives from 110 clubs to detail the scope of the oversight body this week and insisted it was a "proactive meeting" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because if we get it wrong, if the football community fails, the extraordinary progress that's been made could disappear swiftly," the chairman stated.

"This represents everyone's worst fear in the context of the English game is a major achievement - we need to continue the progress.

"There's an enormous amount of money entering the sport and has been invested for the last 20 or 25 years, because there's no guarantee it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the coming seasons."

Premier League Concerns

Top flight officials resisted the establishment of an oversight body because of concerns about detrimental effects on the elite division's competitive balance, but the chairman responded: "I completely endorse the prosperity and expansion as an financial organization of the top division.

"Being fully aware of the concern of undermining the top flight as an elite competition of England. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a significant degree of comfort -and, in fact, they have been informing us confidentially they have a high level of reassurance."

Ideological Links

The chairman continues to confront a "thorough examination" by the public appointments commissioner after he revealed he contributed money to the Labour Party in the past.

The chairman provided financial support for 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 previous political affiliation [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," Kogan said.

"I am no longer involved in any form of political activity."