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The team's ongoing struggles constitute a "major concern" and the independent regulator is aiming to acquire authority to look into club affairs in such situations, the newly appointed chairman the regulator has declared.

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

Kogan met with four fan organizations associated with the football team in recent days.

The Championship side have been experiencing difficulties in multiple areas in this season, with the club missing wage payments on multiple instances, including in last month.

"Obviously the club has become a significant problem for EFL and a significant problem for football," Kogan told.

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

"Our aim is to acquire the ability... which will allow us to have Sheffield Wednesday - and other clubs brought to our attention if they require examination and addressed."

Economic Challenges and Leadership Concerns

The team's struggling chairman Dejphon Chansiri suggested earlier this year he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with prospective buyers.

Missed wage deadlines on time in spring months led to sanctions by the league officials in summer, preventing the club from carrying out any transfers or loans for the next three transfer windows, although those limitations were removed in late summer.

Authority's Position

Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated to a regional establishment that has existed throughout their lifetimes in numerous instances.

"I completely understand the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for factors unrelated to the followers."

Questioned about whether the regulator could force an chairman to relinquish a club if they are judged inappropriate, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we collect the information and understand the situation, we will."

But the chairman emphasized that forcing owners to sell clubs would be viewed as the ultimate measure and the regulator would prefer to collaborate with owners.

"Our least desirable course of action is begin intervening in an individual club, 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," the chairman stated.

"But the truth is, when you examine the past of the game, over the past few decades there have been particular chairmen, a small minority, but certain individuals who have acted carelessly in the manner they have operated their clubs and ultimately don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

The regulator engaged officials from numerous teams to lay out the remit of the regulator on Wednesday 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 should mistakes occur, if the world of football gets it wrong, the significant advances achieved necessary will vanish rapidly," Kogan said.

"Such an outcome is universally undesirable in the terms of English football is a major achievement - we've got to keep it going.

"There's an enormous amount of money coming into football and has been invested for the recent generations, because there are no assurances it will persist in entering the game, which is part of the rationale behind I think we have to adopt a precise perspective on risk and of course, of the coming seasons."

Elite Division Worries

Elite division representatives objected to the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I fully support the prosperity and expansion as an financial organization of the top division.

"As someone who appreciates the concern of undermining the top flight as an elite competition of England. But at the same time, if you talk to the Premier League after this week's discussion, they would have had a high level of reassurance -and, in fact, they have been informing us confidentially they have a high level of reassurance."

Partisan Associations

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the opposition group in the past.

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

"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the regulator explained.

"I am no longer involved in any sort of politics."