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The Championship club's ongoing struggles are seen as a "major concern" and the independent regulator is aiming to acquire authority to look into club affairs in comparable cases, the recently named head the regulator has declared.

In a wide-ranging interview, the chairman, who was named to the position this week, showed understanding towards the club's followers.

Kogan met with four supporters' associations connected to the Championship side this week.

The team have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on several different times, including in last month.

"Evidently Wednesday represents a significant problem for EFL and a major challenge for the sport," Kogan told.

"Sheffield Wednesday is one of the great brands for the English game and this week we have met Sheffield Wednesday supporters' groups.

"We are seeking authority... which will allow us to have the club and similar situations referred to us if they need to be investigated and addressed."

Financial Struggles and Ownership Situation

The club's controversial proprietor Dejphon Chansiri suggested earlier this year he would be willing to sell up at Hillsborough, but he has not been able to secure a deal with prospective buyers.

Failure to pay player wages on time in spring months caused limitations by the league officials in summer, preventing the club from carrying out any recruitment activities for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Official's Viewpoint

The regulator explained: "The position was created for the Owls followers, other clubs in similar situations where fans are dedicated to a regional establishment that has represented their community in multiple situations.

"I fully appreciate the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the followers."

Questioned about whether the oversight body could require an owner to sell a club if they are deemed unsuitable, Kogan said: "If your question is 'would we intervene in the final instance?', the reply is once we gather the evidence and comprehend the circumstances, we will."

But the chairman emphasized that forcing owners to sell clubs would be considered the final option and the authority would rather to cooperate with proprietors.

"The final option we would consider is begin intervening in an individual club, an specific proprietor, without being able to work with that proprietor to address the challenges confronting the team and the proprietor's dealing with," the chairman stated.

"However, realistically, when you look back over the history of the sport, over the last 20 or 30 years there have been some owners, not many, but some who have been irresponsible in the way which they've been managing their teams and eventually decline to assume obligation for the future."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with representatives from 110 clubs 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 if errors are made, if the football community fails, the remarkable development accomplished necessary will vanish rapidly," Kogan said.

"This represents everyone's worst fear in the terms of English football is a huge success story - we've got to keep it going.

"Considerable investment coming into football and has been channeled for the last 20 or 25 years, because there are no assurances it will continue to come into football, which is part of the rationale behind I think we have to take a really clear view on potential dangers and naturally, of the immediate future."

Premier League Concerns

Elite division representatives objected to the establishment of an oversight body because of concerns about detrimental effects on the Premier League's sporting equality, but the chairman responded: "I completely endorse the achievement and development as an commercial operation of the top division.

"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of the nation. But concurrently, if you consult with top flight officials after today's meeting, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a significant confidence."

Partisan Associations

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the Labour Party in the past.

The official donated money to Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that ideological connection terminated the day the select committee approved my appointment," the chairman stated.

"I am presently disconnected from any sort of politics."