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The Championship club's ongoing struggles are seen as a "major concern" and the independent regulator is aiming to acquire authority to investigate clubs in similar circumstances, the recently named head the official has declared.

During an extensive discussion, the regulator, who was appointed on Monday, showed understanding towards Wednesday's fanbase.

The chairman convened with four supporters' associations associated with the football team this week.

The football club 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 significant problem for EFL and a significant problem for football," the chairman stated.

"The club represents one of the great brands for English football and in recent days we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will permit us to bring Sheffield Wednesday - and other clubs submitted for our review if they require examination and acted upon."

Financial Struggles and Proprietorship Status

The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be willing to sell up at Hillsborough, but he has been unable to finalize an agreement with interested parties.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the football authorities in mid-year, preventing the club from carrying out any recruitment activities for the following recruitment periods, although those limitations were removed in August.

Regulator's Perspective

The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated to a local institution that has existed throughout their lifetimes in numerous instances.

"I completely understand the club's situation, as I do for all the clubs that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the supporters."

When asked if the regulator could force an owner to sell a club if they are deemed unsuitable, the chairman responded: "If your question is 'would we intervene in the final instance?', the response would be once we gather the evidence and comprehend the circumstances, we will."

But Kogan stressed that forcing owners to sell clubs would be considered the final option and the authority would rather to cooperate with proprietors.

"The last thing what we want to do is start getting involved with an individual club, an individual owner, without being in a position to cooperate with that proprietor to address the issues that the club's facing and the chairman's encountering," Kogan said.

"But the truth is, when you look back over the history of the sport, over the recent generations there have been particular chairmen, a small minority, 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."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to lay out the remit of the authority recently and maintained it represented a "proactive meeting" with a "significant participation" from the lower divisions to the top flight.

"It's a job that's actually really important, because if we get it wrong, if the world of football gets it wrong, the remarkable development accomplished could disappear incredibly quickly," the chairman stated.

"Such an outcome is universally undesirable in the realm of domestic football is a huge success story - we've got to keep it going.

"Considerable investment entering the sport and has been channeled for the last 20 or 25 years, because there's no guarantee it will continue to come into football, which is one of the reasons why I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."

Premier League Concerns

Elite division representatives objected to the formation of an authority because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but the chairman responded: "I completely endorse the achievement and development as an financial organization of the Premier League.

"I of all people understand the concern of undermining the division as a high-quality offering of England. But at the same time, if you talk to the Premier League after the recent gathering, 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

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he revealed he contributed money to the political party in the past.

The official donated money to Culture Secretary the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," Kogan said.

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