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The Championship club's persistent issues are seen as a "significant problem" and the independent regulator is looking to gain the ability to look into club affairs in similar circumstances, its new chair the official has announced.

In a wide-ranging interview, the regulator, who was recently selected, voiced concern towards supporters of the Owls.

The regulator engaged with four fan organizations representing the Championship side recently.

The football club have been struggling on and off the field in this season, with the club missing wage payments on five separate occasions, including in the autumn.

"Evidently Wednesday represents a major concern for the league and a significant problem for football," the chairman stated.

"Sheffield Wednesday is one of the great brands for English football and in recent days we have met fan representatives.

"We are seeking authority... which will permit us to bring the club and similar situations submitted for our review if they warrant scrutiny and dealt with."

Financial Struggles and Ownership Situation

The club's controversial proprietor the Thai businessman stated during the off-season he would be willing to sell up at Hillsborough, but he has been unable to finalize an agreement with prospective buyers.

Delayed salary payments on time in March and May led to sanctions by the football authorities in June, blocking the team from conducting any transfers or loans for the next three transfer windows, although those limitations were removed in August.

Regulator's Perspective

Kogan said: "The position was created for the Owls followers, teams facing challenges where supporters are loyal to a local institution that has represented their community in numerous instances.

"I fully appreciate the team's plight, as I do for every team that over recent decades have faced collapse, or nearly ceased operations, for causes separate from the supporters."

When asked if the oversight body could require an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we gather the evidence and understand the situation, we will."

But Kogan stressed that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to cooperate with proprietors.

"The final option we would consider is commence engagement with an specific team, an specific proprietor, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the chairman's encountering," Kogan said.

"However, realistically, when you look back over the history of football, over the recent generations there have been some owners, a small minority, but certain individuals who have acted carelessly in the approach they have taken toward their clubs and ultimately don't wish to take responsibility for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The chairman convened with officials from numerous teams to detail the scope of the regulator on Wednesday and stated it constituted a "proactive meeting" with a "substantial involvement" from the lower divisions to the top flight.

"It's a job that's actually really important, because should mistakes occur, if the world of football gets it wrong, the extraordinary progress that's been made necessary will vanish swiftly," Kogan said.

"And that's what nobody wants in the terms of English football is a huge success story - we've got to keep it going.

"Substantial financial resources entering the sport and has been channeled for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, 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

Top flight officials resisted the creation of a regulator because of fears of a negative impact on the Premier League's sporting equality, but the chairman responded: "I'm absolutely committed to the success and growth as an commercial operation of the top division.

"I of all people understand the worry about compromising the top flight as an elite competition of this country. But concurrently, if you consult with top flight officials after this week's discussion, they would have had a high level of reassurance -and, in fact, they have been telling us in private they have a significant confidence."

Political Connections

The chairman continues to confront a "comprehensive investigation" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in 2020.

The chairman contributed funds to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

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

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