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The Championship club's current difficulties constitute a "major concern" and the independent regulator is aiming to acquire authority to investigate clubs in comparable cases, the newly appointed chairman the regulator has stated.

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

Kogan met with four supporter groups associated with the Championship side recently.

The team have been experiencing difficulties in multiple areas in this season, with the club missing wage payments on several different times, including in the autumn.

"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," the chairman stated.

"Wednesday stands as one of the historic institutions for English football and recently we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs referred to us if they warrant scrutiny and acted upon."

Financial Struggles and Proprietorship Status

The team's struggling chairman Dejphon Chansiri suggested earlier this year he would be open to selling the club at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Delayed salary payments on time in March and May caused limitations by the English Football League (EFL) in summer, stopping Wednesday from completing any transfers or loans for the next three transfer windows, although those limitations were removed in August.

Regulator's Perspective

The regulator explained: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where people are committed to a community organization that has represented their community in multiple situations.

"I completely understand the club's situation, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for factors unrelated to the supporters."

Inquired if the oversight body could require an chairman to relinquish a club if they are deemed unsuitable, Kogan said: "If your question is 'would we intervene in the final instance?', the response would be once we collect the information and comprehend the circumstances, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be considered the final option and the regulator would prefer to work with them.

"The last thing what we want to do is begin intervening in an specific team, an individual owner, 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 examine the past of football, over the last 20 or 30 years there have been some owners, a small minority, but some who have been irresponsible in the approach they have taken toward their organizations and finally decline to assume obligation for the long-term prospects."

'Mistakes could erase significant advances'

The chairman convened with representatives from 110 clubs to lay out the remit of the authority recently and stated it constituted a "forward-thinking discussion" with a "significant participation" 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 remarkable development accomplished could disappear swiftly," the chairman stated.

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

"Considerable investment coming into football and has been invested for the recent generations, because certainty is lacking it will continue to come into football, which is among the factors explaining I think we have to maintain a focused outlook on challenges and obviously, of the coming seasons."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but Kogan said: "I completely endorse the prosperity and expansion as an commercial operation of the top division.

"As someone who appreciates the worry about compromising the Premier League as a premium product of the nation. But concurrently, if you consult with top flight officials after today's meeting, they would have had a high level of reassurance -and, indeed, they have been advising us privately 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 political party in recent years.

The official contributed funds to Culture Secretary the politician's campaign, along with that of the current Prime Minister.

"I have fully disclosed my past party membership [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the chairman stated.

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