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Sheffield Wednesday's persistent issues represent a a "major concern" and the football regulator is looking to gain the ability to investigate clubs in comparable cases, its new chair the regulator has announced.

In a wide-ranging interview, the chairman, who was named to the position this week, showed understanding towards the club's followers.

The regulator engaged with four fan organizations connected to the football team recently.

The Championship side 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.

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

"Sheffield Wednesday is one of the iconic names for the English game and this week we have met fan representatives.

"We're now looking to get powers... which will allow us to have the club and similar situations submitted for our review if they need to be investigated and acted upon."

Economic Challenges and Leadership Concerns

Wednesday's embattled owner 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 prospective buyers.

Missed wage deadlines on time in spring months resulted in restrictions being imposed by the English Football League (EFL) in summer, stopping Wednesday from completing any player acquisitions for the subsequent signing windows, although that restriction was lifted in late summer.

Regulator's Perspective

Kogan said: "The position was created for the supporters of Wednesday, teams facing challenges where supporters are loyal to a local institution that has existed throughout their lifetimes in multiple situations.

"I have absolute sympathy for the club's situation, as I do for every team that since 1992 have gone to the wall, or been close to going to the wall, for reasons that have nothing to do with the followers."

When asked if the oversight body could require an chairman to relinquish a club if they are considered unfit, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we collect the information and understand the situation, we will."

But the chairman emphasized that forcing owners to sell 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 start getting involved with an individual club, an particular chairman, without being able to work with that owner to try and resolve the issues that the club's facing and the owner's facing," the chairman stated.

"But the truth is, when you look back over the history of the game, over the past few decades there have been certain proprietors, not many, but some who have been irresponsible in the way which they've been managing their organizations and finally refuse to accept accountability for the future."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with officials from numerous teams to explain the responsibilities of the oversight body this week and insisted it was a "progressive gathering" with a "substantial involvement" from the lower divisions to the top flight.

"It's a job that's actually really important, because if errors are made, if the world of football gets it wrong, the extraordinary progress that's been made might evaporate swiftly," the regulator warned.

"This represents everyone's worst fear in the realm of domestic football is a substantial accomplishment - we must maintain momentum.

"There's an enormous amount of money flowing into the game and has been channeled for the recent generations, because certainty is lacking it will persist in entering the game, which is among the factors explaining I think we have to take a really clear view on risk and of course, of the next two or three years."

Top Flight Apprehensions

Elite division representatives objected to the establishment of an oversight body because of fears of a negative impact on the top-flight's competitiveness, but the chairman responded: "I completely endorse the success and growth as an economic entity of the top division.

"I of all people understand the apprehension regarding damaging the top flight as an elite competition of this country. But simultaneously, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a significant confidence."

Partisan Associations

The regulator remains subject to a "thorough examination" by the public appointments commissioner after he disclosed making donations to the political party in 2020.

The chairman contributed funds to Culture Secretary the politician's campaign, along with that of the government leader.

"I've been completely open about my former ideological connection [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the chairman stated.

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