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Sheffield Wednesday's current difficulties are seen as a "serious issue" and the football regulator is seeking powers to investigate clubs in comparable cases, its new chair the official has announced.

Through a comprehensive talk, the chairman, who was named to the position this week, voiced concern towards the club's followers.

The chairman convened with four supporters' associations representing the South Yorkshire club in recent days.

The football club have been facing challenges both on and off the pitch in this season, with the club delaying salary disbursements on multiple instances, including in the autumn.

"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 historic institutions for the English game and recently we have met fan representatives.

"We are seeking authority... which will allow us to have the club and similar situations brought to our attention if they warrant scrutiny and dealt with."

Economic Challenges and Proprietorship Status

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

Missed wage deadlines on time in spring months resulted in restrictions being imposed by the football authorities in summer, stopping Wednesday from completing any recruitment activities for the following recruitment periods, although the ban was rescinded in August.

Authority's Position

The chairman stated: "The position was created for the Owls followers, other clubs in similar situations where people are committed to a local institution that has represented their community in numerous instances.

"I fully appreciate 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 supporters."

When asked if the oversight body could require an proprietor to divest a club if they are considered unfit, the regulator answered: "When asking whether 'would we intervene in the final instance?', the answer is once we collect the information and know what's going on, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to cooperate with proprietors.

"The last thing what we want to do is commence engagement with an specific team, an specific proprietor, without being able to work with that proprietor to address the issues that the club's facing and the chairman's encountering," the regulator explained.

"But the truth is, when you look back over the history of the sport, 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 organizations and finally don't wish to take responsibility for the coming years."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the oversight body this week and insisted it was a "progressive gathering" with a "significant participation" from the National League to the Premier League.

"The role holds considerable importance, because if we get it wrong, if the football community fails, the remarkable development accomplished could disappear incredibly quickly," Kogan said.

"This represents everyone's worst fear 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 coming into football and has been channeled for the last 20 or 25 years, because there are no assurances it will continue to come into football, which is among the factors explaining I think we have to adopt a precise perspective on risk and of course, of the immediate future."

Premier League Concerns

The Premier League opposed the creation of a regulator because of fears of a negative impact on the top-flight's competitiveness, but Kogan said: "I completely endorse the achievement and development as an economic entity of the elite league.

"Being fully aware of the apprehension regarding damaging 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 significant degree of comfort -and, in fact, they have been advising us privately they have a high level of reassurance."

Ideological Links

The chairman continues to confront a "full inquiry" by the public appointments commissioner after he acknowledged providing funds to the Labour Party in 2020.

The 68-year-old contributed funds to government minister the minister's leadership bid, along with that of the current Prime Minister.

"I have fully disclosed my former ideological connection [with Labour], and that party membership ceased the day the official body endorsed my nomination," Kogan said.

"I am presently disconnected from any form of political activity."