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The team's persistent issues represent a a "major concern" and the football regulator is looking to gain the ability to examine team situations in such situations, the newly appointed chairman the regulator has declared.

During an extensive discussion, the chairman, who was named to the position this week, expressed "sympathy" towards the club's followers.

The regulator engaged with four supporter groups connected to the South Yorkshire club this week.

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

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

"Sheffield Wednesday is one of the iconic names for football in England and recently we have met fan representatives.

"We are seeking authority... which will allow us to have Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and dealt with."

Financial Struggles and Proprietorship Status

The team's struggling chairman the current owner stated during the off-season he would be prepared to relinquish control at their home ground, but he has failed to complete a sale with interested parties.

Failure to pay player wages on time in March and May led to sanctions by the English Football League (EFL) in June, blocking the team from conducting any player acquisitions for the following recruitment periods, although the ban was rescinded in August.

Authority's Position

The chairman stated: "Our role exists to serve the supporters of Wednesday, Bury or any football club where fans are dedicated to a regional establishment that has been part of their lives in many cases.

"I completely understand Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for factors unrelated to the fans themselves."

When asked if the regulator could force 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 reply is once we gather the evidence and know what's going on, we will."

But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"Our least desirable course of action is commence engagement with an specific team, an particular chairman, without having the opportunity to collaborate with that proprietor to address the issues that the club's facing and the owner's facing," Kogan said.

"However, realistically, when you review the record of the sport, over the last 20 or 30 years there have been some owners, not many, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

The chairman convened with representatives from 110 clubs to detail the scope of the regulator on Wednesday and stated it constituted a "forward-thinking discussion" with a "substantial involvement" from the lower divisions to the top flight.

"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 rapidly," the chairman stated.

"And that's what nobody wants in the terms of English football is a major achievement - we must maintain momentum.

"Considerable investment flowing into the game and has been invested for the past two decades, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."

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 the regulator stated: "I'm absolutely committed to the success and growth as an financial organization of the elite league.

"As someone who appreciates the concern of undermining the top flight as an elite competition of this country. But at the same time, if you talk to the Premier League 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 considerable comfort."

Partisan Associations

The chairman continues to confront a "thorough examination" by the official appointments authority after he disclosed making donations to the Labour Party in recent years.

The official donated money to government minister the politician's campaign, along with that of the current Prime Minister.

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

"I am no longer involved in any type of partisan engagement."