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The team's current difficulties represent a a "major concern" and the independent regulator is looking to gain the ability to examine team situations in similar circumstances, the newly appointed chairman the official has announced.

In a wide-ranging interview, the chairman, who was recently selected, voiced concern towards the club's followers.

Kogan met with four fan organizations associated with the Championship side in recent days.

The team have been experiencing difficulties in multiple areas in the current year, with the club delaying salary disbursements on five separate occasions, including in September.

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

"The club represents one of the great brands for football in England and recently we have met supporters' organizations.

"Our aim is to acquire the ability... which will permit us to bring the club and similar situations referred to us if they warrant scrutiny and addressed."

Economic Challenges and Ownership Situation

The team's struggling chairman the Thai businessman suggested earlier this year he would be open to selling the club at the stadium, but he has been unable to finalize an agreement with potential new owners.

Delayed salary payments on time in March and May resulted in restrictions being imposed by the league officials in June, preventing the club from carrying out any transfers or loans for the following recruitment periods, although those limitations were removed in August.

Authority's Position

Kogan said: "Our role exists to serve the Owls followers, teams facing challenges where people are committed to a regional establishment that has represented their community in numerous instances.

"I have absolute sympathy for 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 followers."

When asked if the oversight body could require an owner to sell a club if they are considered unfit, Kogan said: "When asking whether 'would we intervene in the final instance?', the answer is once we gather the evidence and understand the situation, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the regulator would prefer to cooperate with proprietors.

"The final option we would consider is commence engagement with an particular organization, an particular chairman, without being in a position to cooperate with that proprietor to address the problems affecting the organization and the proprietor's dealing with," Kogan said.

"However, realistically, when you review the record of the game, over the last 20 or 30 years there have been certain proprietors, few in number, but certain individuals who have acted carelessly in the way which they've been managing their teams and eventually decline to assume obligation for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the authority recently and stated it constituted a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.

"It's a job that's actually really important, because if we get it wrong, if the world of football gets it wrong, the significant advances achieved might evaporate swiftly," Kogan said.

"Such an outcome is universally undesirable in the terms of English football is a huge success story - we've got to keep it going.

"Considerable investment flowing into the game and has been channeled for the last 20 or 25 years, because there's no guarantee it will continue to come into football, which is among the factors explaining I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but the regulator stated: "I fully support the prosperity and expansion as an commercial operation of the Premier League.

"As someone who appreciates the worry about compromising the Premier League as a premium product of England. But concurrently, if you engage with division representatives after the recent gathering, they would have had a significant degree of comfort -and, in fact, they have been telling us in private they have a considerable comfort."

Political Connections

Kogan is still facing a "comprehensive investigation" by the Commissioner for Public Appointments after he disclosed making donations to the Labour Party in the past.

The chairman donated money to Culture Secretary the politician's campaign, along with that of the current Prime Minister.

"I've been completely open about my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.

"I currently have no participation in any sort of politics."