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The Championship club's current difficulties constitute a "serious issue" and the independent regulator is looking to gain the ability to investigate clubs in similar circumstances, the recently named head the regulator has announced.

During an extensive discussion, the chairman, who was recently selected, expressed "sympathy" towards the club's followers.

Kogan met with four supporters' associations representing the Championship side recently.

The team have been struggling on and off the field in this season, with the club failing to pay players on time on several different times, including in September.

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

"The club represents one of the historic institutions for football in England and this week we have met supporters' organizations.

"We're now looking to get powers... which will permit us to bring the club and similar situations brought to our attention if they need to be investigated and dealt with."

Economic Challenges and Leadership Concerns

Wednesday's embattled owner the Thai businessman suggested earlier this year he would be willing to sell up at Hillsborough, but he has been unable to finalize an agreement with interested parties.

Missed wage deadlines on time in earlier this year caused limitations by the English Football League (EFL) in summer, stopping Wednesday from completing any recruitment activities for the next three transfer windows, although that restriction was lifted in August.

Authority's Position

The regulator explained: "Our role exists to serve the Owls followers, Bury or any football club where fans are dedicated to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I fully appreciate the team's plight, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for factors unrelated to the supporters."

Questioned about whether the regulator could force an owner to sell a club if they are considered unfit, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we assemble the facts and comprehend the circumstances, we will."

But Kogan stressed that compelling proprietors to divest clubs would be considered the final option and the authority would rather to work with them.

"The last thing what we want to do is commence engagement with an specific team, an particular chairman, without being in a position to cooperate with that chairman to fix the problems affecting the organization and the proprietor's dealing with," the chairman stated.

"But the truth is, when you examine the past of football, over the past few decades there have been certain proprietors, a small minority, but some who have been irresponsible in the way which they've been managing their teams and eventually refuse to accept accountability for the future."

'Mistakes could erase significant advances'

Kogan met with officials from numerous teams to detail the scope of the authority recently and stated it constituted a "proactive meeting" with a "high level of engagement" from the lower divisions to the top flight.

"The role holds considerable importance, because if errors are made, if the world of football gets it wrong, the remarkable development accomplished might evaporate incredibly quickly," Kogan said.

"Such an outcome is universally undesirable in the realm of domestic football is a substantial accomplishment - we need to continue the progress.

"Substantial financial resources entering the sport and has come into football for the recent generations, because there's no guarantee it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on risk and of course, of the coming seasons."

Top Flight Apprehensions

The Premier League opposed the establishment of an oversight body because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but the regulator stated: "I completely endorse the prosperity and expansion as an commercial operation of the Premier League.

"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of this country. But simultaneously, if you engage with division representatives after the recent gathering, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "comprehensive investigation" by the public appointments commissioner after he disclosed making donations to the Labour Party in recent years.

The chairman donated money to Culture Secretary the minister's leadership bid, along with that of the government leader.

"I have fully disclosed my past party membership [with Labour], and that political affiliation came to an end the day the select committee approved my appointment," the chairman stated.

"I am presently disconnected from any type of partisan engagement."