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The Championship club's ongoing struggles constitute a "major concern" and the independent regulator is aiming to acquire authority to examine team situations in comparable cases, the newly appointed chairman the official has declared.

In a wide-ranging interview, the chairman, who was named to the position this week, expressed "sympathy" towards Wednesday's fanbase.

The chairman convened with four supporters' associations associated with the Championship side this week.

The football club have been facing challenges both on and off the pitch in this season, with the club missing wage payments on several different times, including in the autumn.

"Evidently Wednesday represents a serious issue for football authorities and a significant problem for football," the chairman stated.

"Wednesday stands as one of the iconic names for football in England and in recent days we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will enable us to take the club and similar situations referred to us if they warrant scrutiny and acted upon."

Economic Challenges and Proprietorship Status

The club's controversial proprietor the Thai businessman stated during the off-season he would be open to selling the club at their home ground, but he has failed to complete a sale with potential new owners.

Missed wage deadlines on time in spring months resulted in restrictions being imposed by the English Football League (EFL) in summer, stopping Wednesday from completing any player acquisitions for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

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

"I completely understand Sheffield Wednesday, as I do for each organization that in modern times have encountered failure, or approached financial ruin, for causes separate from the followers."

Inquired if the oversight body could require 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 reply is once we collect the information and know what's going on, we will."

But the chairman emphasized that forcing owners to sell clubs would be treated as a "last resort" and the authority would rather to cooperate with proprietors.

"The final option we would consider is start getting involved with an individual club, an specific proprietor, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the proprietor's dealing with," the chairman stated.

"However, realistically, when you review the record of the game, over the past few decades there have been particular chairmen, not many, but particular people who have shown negligence in the approach they have taken toward their clubs and ultimately don't wish to take responsibility for the coming years."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with representatives from 110 clubs to detail the scope of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.

"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the remarkable development accomplished necessary will vanish incredibly quickly," Kogan said.

"Such an outcome is universally undesirable in the realm of domestic football is a huge success story - we must maintain momentum.

"Substantial financial resources coming into football and has been channeled for the recent generations, because there's no guarantee it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on potential dangers and naturally, of the next two or three years."

Top Flight Apprehensions

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 fully support the achievement and development as an economic entity of the Premier League.

"I of all people understand the concern of undermining the Premier League as a premium product of this country. But concurrently, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a significant confidence."

Political Connections

The chairman continues to confront a "thorough examination" by the public appointments commissioner after he disclosed making donations to the political party in 2020.

The 68-year-old donated money to Culture Secretary the politician's campaign, 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 official body endorsed my nomination," the regulator explained.

"I currently have no participation in any type of partisan engagement."