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The team's ongoing struggles constitute a "serious issue" and the new football authority is looking to gain the ability to examine team situations in comparable cases, its new chair the regulator has declared.

During an extensive discussion, the chairman, who was appointed on Monday, showed understanding towards the club's followers.

Kogan met with four supporters' associations connected to the Championship side in recent days.

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 last month.

"Evidently Wednesday represents a significant problem for EFL and a significant problem for football," Kogan told.

"Wednesday stands as one of the historic institutions for English football and this week we have met fan representatives.

"Our aim is to acquire the ability... which will allow us to have the club and similar situations brought to our attention if they need to be investigated and dealt with."

Monetary Issues and Ownership Situation

The team's struggling chairman the current owner indicated in the summer he would be willing to sell up at Hillsborough, but he has failed to complete a sale with interested parties.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in mid-year, blocking the team from conducting any player acquisitions for the subsequent signing windows, although those limitations were removed in August.

Regulator's Perspective

Kogan said: "Our role exists to serve the Owls followers, Bury or any football club where supporters are loyal to a local institution that has been part of their lives in numerous instances.

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

When asked if 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 gather the evidence and comprehend the circumstances, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to work with them.

"Our least desirable course of action is start getting involved with an specific team, an particular chairman, without having the opportunity to collaborate with that owner to try and resolve the challenges confronting the team and the owner's facing," Kogan said.

"In actuality, when you review the record of football, over the past few decades there have been some owners, a small minority, but particular people who have shown negligence in the manner they have operated their teams and eventually don't wish to take responsibility for the future."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged representatives from 110 clubs to explain the responsibilities of the oversight body this week and insisted it was a "progressive gathering" with a "high level of engagement" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the sport makes errors, the remarkable development accomplished necessary will vanish incredibly quickly," the chairman stated.

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

"Considerable investment entering the sport and has been invested for the last 20 or 25 years, because there are no assurances it will continue to come into football, which is part of the rationale behind I think we have to take a really clear view on risk and of course, of the next two or three years."

Premier League Concerns

The Premier League opposed the formation of an authority because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I'm absolutely committed to the prosperity and expansion as an financial organization of the top division.

"As someone who appreciates the worry about compromising the division as a high-quality offering of this country. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a significant confidence."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the political party in the past.

The official provided financial support for Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.

"I have been entirely transparent regarding my past party membership [with Labour], and that ideological connection terminated the day the select committee approved my appointment," the chairman stated.

"I am no longer involved in any form of political activity."