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The Championship club's ongoing struggles are seen as a "serious issue" and the football regulator is looking to gain the ability to investigate clubs in similar circumstances, the recently named head the official has stated.

In a wide-ranging interview, Kogan, who was appointed on Monday, showed understanding towards Wednesday's fanbase.

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

The football club have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on multiple instances, including in the autumn.

"Evidently Wednesday represents a serious issue for football authorities and a significant problem for football," Kogan told.

"Sheffield Wednesday is one of the historic institutions for football in England and in recent days we have met supporters' organizations.

"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases referred to us if they need to be investigated and acted upon."

Monetary Issues and Ownership Situation

The team's struggling chairman the Thai businessman indicated in the summer he would be open to selling the club at their home ground, but he has failed to complete a sale with potential new owners.

Failure to pay player wages on time in spring months led to sanctions by the English Football League (EFL) in summer, blocking the team from conducting any player acquisitions for the following recruitment periods, although the ban was rescinded in the end of the transfer window.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the Owls followers, teams facing challenges where people are committed to a community organization that has been part of their lives in many cases.

"I have absolute sympathy for the club's situation, as I do for every team that over recent decades have faced collapse, or nearly ceased operations, for reasons that have nothing to do with the followers."

Questioned about whether the regulator could force an owner to sell a club if they are deemed unsuitable, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we assemble the facts and comprehend the circumstances, we will."

But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the regulator would prefer to cooperate with proprietors.

"The final option we would consider is begin intervening in an particular organization, an specific proprietor, without having the opportunity to collaborate with that chairman to fix the issues that the club's facing and the chairman's encountering," Kogan said.

"In actuality, when you look back over the history of the game, over the last 20 or 30 years there have been certain proprietors, not many, but some who have been irresponsible in the approach they have taken toward their teams and eventually refuse to accept accountability for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with representatives from 110 clubs to lay out the remit of the oversight body this week and stated it constituted a "proactive meeting" with a "substantial involvement" from the lower divisions to the top flight.

"The role holds considerable importance, because if errors are made, if the sport makes errors, the extraordinary progress that's been made necessary will vanish rapidly," the chairman stated.

"This represents everyone's worst fear in the realm of domestic football is a major achievement - we need to continue the progress.

"Substantial financial resources coming into football and has come into football for the past two decades, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the immediate future."

Premier League Concerns

Top flight officials resisted the creation of a regulator because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the chairman responded: "I completely endorse the achievement and development as an economic entity of the Premier League.

"As someone who appreciates the worry about compromising the division as a high-quality offering of this country. But simultaneously, if you engage with division representatives after today's meeting, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "thorough examination" by the public appointments commissioner after he revealed he contributed money to the Labour Party in 2020.

The chairman provided financial support for government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my previous political affiliation [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."