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The Championship club's ongoing struggles constitute a "serious issue" and the independent regulator is looking to gain the ability to look into club affairs in similar circumstances, the recently named head the regulator has stated.

In a wide-ranging interview, Kogan, who was named to the position this week, voiced concern towards Wednesday's fanbase.

The chairman convened with four supporters' associations connected to the football team in recent days.

The football club have been struggling on and off the field in the current year, with the club delaying salary disbursements on multiple instances, including in last month.

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

"Wednesday stands as one of the great brands for English football and in recent days we have met supporters' organizations.

"We're now looking to get powers... which will enable us to take Wednesday and comparable cases referred to us if they need to be investigated and acted upon."

Economic Challenges and Leadership Concerns

The team's struggling chairman the Thai businessman stated during the off-season he would be willing to sell up at the stadium, but he has not been able to secure a deal with prospective buyers.

Delayed salary payments on time in March and May resulted in restrictions being imposed by the football authorities in June, blocking the team from conducting any player acquisitions for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

The chairman stated: "The job [of the regulator] is there for the Owls followers, teams facing challenges where fans are dedicated to a local institution that has been part of their lives in numerous instances.

"I fully appreciate Sheffield Wednesday, as I do for every team that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the supporters."

Questioned about whether the regulator could force an proprietor to divest a club if they are deemed unsuitable, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we collect the information and know what's going on, we will."

But the chairman emphasized that compelling proprietors to divest clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"The final option we would consider is commence engagement with an specific team, an individual owner, without being able to work with that proprietor to address the problems affecting the organization and the chairman's encountering," the regulator explained.

"In actuality, when you look back over the history of the game, over the recent generations there have been some owners, few in number, but some who have been irresponsible in the way which they've been managing their organizations and finally don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

Kogan met with officials from numerous teams to explain the responsibilities of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "substantial involvement" from the lower divisions to the top flight.

"This position carries substantial significance, because should mistakes occur, if the football community fails, the significant advances achieved necessary will vanish swiftly," the regulator warned.

"And that's what nobody wants in the context of the English game is a substantial accomplishment - we must maintain momentum.

"There's an enormous amount of money entering the sport and has been channeled for the recent generations, because certainty is lacking 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."

Elite Division Worries

Elite division representatives objected to the establishment of an oversight body because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the regulator stated: "I'm absolutely committed to the achievement and development as an commercial operation of the top division.

"I of all people understand the concern of undermining the Premier League as a premium product of England. But at the same time, if you engage with division representatives after the recent gathering, they would have had a significant degree of comfort -and, in fact, they have been informing us confidentially they have a significant confidence."

Partisan Associations

Kogan is still facing a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in the past.

The official provided financial support for Culture Secretary Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.

"I am no longer involved in any type of partisan engagement."