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Sheffield Wednesday's ongoing struggles represent a a "serious issue" and the football regulator is seeking powers to look into club affairs in similar circumstances, the newly appointed chairman the regulator has stated.

During an extensive discussion, the chairman, who was appointed on Monday, voiced concern towards supporters of the Owls.

Kogan met with four fan organizations associated with the Championship side this week.

The team have been facing challenges both on and off the pitch in this season, with the club missing wage payments on several different times, including in September.

"Obviously the club has become a significant problem for EFL and a major challenge for the sport," Kogan told.

"The club represents one of the great brands for the English game and recently we have met fan representatives.

"We're now looking to get powers... which will allow us to have the club and similar situations referred to us if they require examination and addressed."

Monetary Issues and Leadership Concerns

Wednesday's embattled owner 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 potential new owners.

Delayed salary payments on time in spring months caused limitations by the league officials in summer, blocking the team from conducting any recruitment activities for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.

Regulator's Perspective

The regulator explained: "The job [of the regulator] is there for the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated to a regional establishment that has represented their community in numerous instances.

"I fully appreciate Sheffield Wednesday, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for reasons that have nothing to do with the fans themselves."

When asked if the oversight body could require an proprietor to divest 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 gather the evidence and comprehend the circumstances, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be viewed as the ultimate measure and the authority would rather to work with them.

"Our least desirable course of action is commence engagement with an individual club, an individual owner, without being in a position to cooperate with that chairman to fix the challenges confronting the team and the owner's facing," the chairman stated.

"However, realistically, when you review the record of the game, over the last 20 or 30 years there have been certain proprietors, not many, but some who have been irresponsible in the approach they have taken toward their teams and eventually refuse to accept accountability for the long-term prospects."

'Mistakes could erase significant advances'

Kogan met with officials from numerous teams to detail the scope of the regulator on Wednesday and maintained it represented a "forward-thinking discussion" with a "high level of engagement" from the lower divisions to the top flight.

"This position carries substantial significance, because if errors are made, if the football community fails, the significant advances achieved might evaporate swiftly," the regulator warned.

"And that's what nobody wants in the context of the English game is a major achievement - we need to continue the progress.

"Substantial financial resources flowing into the game and has been channeled for the past two decades, because there are no assurances it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on risk and of course, of the immediate future."

Premier League Concerns

The Premier League opposed the establishment of an oversight body because of fears of a negative impact on the elite division's competitive balance, but Kogan said: "I fully support the prosperity and expansion as an financial organization of the top division.

"Being fully aware of the apprehension regarding damaging the Premier League as a premium product of the nation. But simultaneously, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, in fact, they have been informing us confidentially they have a significant confidence."

Political Connections

The chairman continues to confront a "comprehensive investigation" by the official appointments authority after he revealed he contributed money to the opposition group in recent years.

The chairman donated money to Secretary of State for Culture, Media and Sport 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 official body endorsed my nomination," the chairman stated.

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