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The team's ongoing struggles represent a a "significant problem" and the football regulator is seeking powers to examine team situations in similar circumstances, its new chair the regulator has announced.

Through a comprehensive talk, the regulator, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

The chairman convened with four supporter groups connected to the Championship side recently.

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 last month.

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

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

"We are seeking authority... which will enable us to take the club and similar situations submitted for our review if they require examination and addressed."

Monetary Issues and Proprietorship Status

The team's struggling chairman the Thai businessman suggested earlier this year he would be willing to sell up at the stadium, but he has failed to complete a sale with potential new owners.

Delayed salary payments on time in March and May caused limitations by the football authorities in mid-year, stopping Wednesday from completing any player acquisitions for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Authority's Position

Kogan said: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where fans are dedicated to a local institution that has been part of their lives in many cases.

"I have absolute sympathy for the team's plight, as I do for each organization that over recent decades have faced collapse, or nearly ceased operations, for causes separate from the supporters."

Questioned about whether the oversight body could require an chairman to relinquish a club if they are deemed unsuitable, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we collect the information and comprehend the circumstances, we will."

But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to cooperate with proprietors.

"The final option we would consider is start getting involved with an individual club, an specific proprietor, without being able to work with that chairman to fix the issues that the club's facing and the proprietor's dealing with," the regulator explained.

"In actuality, when you look back over the history of the sport, over the recent generations there have been particular chairmen, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately refuse to accept accountability for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with officials from numerous teams to detail the scope of the oversight body this week and insisted it was a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"The role holds considerable importance, because should mistakes occur, if the football community fails, the extraordinary progress that's been made could disappear incredibly quickly," the chairman stated.

"And that's what nobody wants in the terms of English football is a substantial accomplishment - we need to continue the progress.

"Considerable investment flowing into the game and has come into football for the recent generations, because there are no assurances it will persist in entering the game, which is among the factors explaining I think we have to adopt a precise perspective on challenges and obviously, of the coming seasons."

Premier League Concerns

Elite division representatives objected to the establishment of an oversight body because of concerns about detrimental effects on the Premier League's sporting equality, but the chairman responded: "I fully support the success and growth as an commercial operation of the Premier League.

"Being fully aware of the worry about compromising 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 high level of reassurance -and, indeed, they have been advising us privately they have a significant confidence."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the public appointments commissioner after he acknowledged providing funds to the political party in the past.

The chairman provided financial support for Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the current Prime Minister.

"I have been entirely transparent regarding my past party membership [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the regulator explained.

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