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The Championship club's ongoing struggles represent a a "serious issue" and the new football authority is seeking powers to investigate clubs in similar circumstances, the newly appointed chairman the regulator has declared.

During an extensive discussion, Kogan, who was named to the position this week, showed understanding towards the club's followers.

Kogan met with four fan organizations representing the Championship side recently.

The team have been struggling on and off the field in the current year, with the club missing wage payments on five separate occasions, including in the autumn.

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

"Sheffield Wednesday is one of the great brands for football in England and recently we have met supporters' organizations.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they need to be investigated and acted upon."

Financial Struggles and Ownership Situation

The team's struggling chairman Dejphon Chansiri 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.

Delayed salary payments on time in spring months resulted in restrictions being imposed by the football authorities in June, blocking the team from conducting any recruitment activities for the next three transfer windows, although those limitations were removed in August.

Regulator's Perspective

Kogan said: "The job [of the regulator] is there for the Owls followers, Bury or any football club where fans are dedicated to a local institution that has existed throughout their lifetimes in multiple situations.

"I have absolute sympathy for Sheffield Wednesday, as I do for all the clubs that in modern times have encountered failure, or nearly ceased operations, for reasons that have nothing to do with the followers."

Questioned about whether the authority might compel an chairman to relinquish a club if they are judged inappropriate, Kogan said: "When asking whether 'would we intervene in the final instance?', the reply is once we assemble the facts and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to cooperate with proprietors.

"The final option we would consider is start getting involved with an particular organization, an particular chairman, without being able to work with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the regulator explained.

"But the truth is, when you review the record of the sport, over the last 20 or 30 years there have been particular chairmen, not many, but particular people who have shown negligence in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

Kogan met with delegates from multiple organizations to detail the scope of the oversight body this week and insisted it was a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.

"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the significant advances achieved could disappear swiftly," Kogan said.

"Such an outcome is universally undesirable in the realm of domestic football is a substantial accomplishment - we must maintain momentum.

"Considerable investment entering the sport and has been invested for the recent generations, because there's no guarantee it will persist in entering the game, 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

Elite division representatives objected to the creation of a regulator because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the regulator stated: "I completely endorse the prosperity and expansion as an economic entity of the top division.

"Being fully aware of the worry about compromising the division as a high-quality offering of the nation. But concurrently, if you engage with division representatives after this week's discussion, they would have had a high level of reassurance -and, indeed, they have been telling us in private they have a considerable comfort."

Partisan Associations

The regulator remains subject to a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the opposition group in 2020.

The 68-year-old donated money to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the chairman stated.

"I am presently disconnected from any sort of politics."