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The Championship club's persistent issues are seen as a "major concern" and the new football authority is looking to gain the ability to investigate clubs in comparable cases, the recently named head the regulator has announced.

Through a comprehensive talk, Kogan, who was recently selected, showed understanding towards supporters of the Owls.

The regulator engaged with four supporters' associations connected to the South Yorkshire club this week.

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

"Obviously the club has become a significant problem for EFL and a significant problem for football," the chairman stated.

"The club represents one of the historic institutions for football in England and this week we have met Sheffield Wednesday supporters' groups.

"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases referred to us if they warrant scrutiny and dealt with."

Monetary Issues and Ownership Situation

The club's controversial proprietor the Thai businessman stated during the off-season he would be open to selling the club at Hillsborough, but he has failed to complete a sale with interested parties.

Missed wage deadlines on time in March and May caused limitations by the English Football League (EFL) in summer, stopping Wednesday from completing any recruitment activities for the subsequent signing windows, although the ban was rescinded in late summer.

Regulator's Perspective

The chairman stated: "Our role exists to serve the Owls followers, other clubs in similar situations where people are committed to a local institution that has existed throughout their lifetimes in many cases.

"I completely understand the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for factors unrelated to the followers."

Questioned about whether the oversight body could require an proprietor to divest a club if they are judged inappropriate, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we collect the information and understand the situation, we will."

But the chairman emphasized that requiring chairmen to relinquish clubs would be considered the final option and the oversight body would choose to collaborate with owners.

"Our least desirable course of action is commence engagement with an particular organization, an specific proprietor, without being able to work with that proprietor to address the problems affecting the organization and the owner's facing," Kogan said.

"However, realistically, when you examine the past of football, over the past few decades there have been particular chairmen, not many, but particular people who have shown negligence in the way which they've been managing their teams and eventually refuse to accept accountability for the coming years."

'Errors may undo substantial development'

Kogan met with officials from numerous teams to lay out the remit of the authority recently and insisted it was a "proactive meeting" with a "significant participation" from the National League to the Premier League.

"It's a job that's actually really important, because if we get it wrong, if the sport makes errors, the remarkable development accomplished might evaporate rapidly," the regulator warned.

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

"Substantial financial resources entering the sport and has come into football for the past two decades, because certainty is lacking it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on challenges and obviously, of the coming seasons."

Premier League Concerns

Top flight officials resisted the establishment of an oversight body because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but Kogan said: "I completely endorse the prosperity and expansion as an economic entity of the elite league.

"As someone who appreciates the worry about compromising the division as a high-quality offering of the nation. But at the same time, if you consult with top flight officials after the recent gathering, they would have had a significant degree of comfort -and, actually, they have been telling us in private they have a considerable comfort."

Political Connections

Kogan is still facing a "comprehensive investigation" by the public appointments commissioner after he disclosed making donations to the political party in the past.

The 68-year-old provided financial support for Culture Secretary the politician's campaign, along with that of the government leader.

"I've been completely open about my former ideological connection [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," Kogan said.

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