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The Championship club's persistent issues represent a a "major concern" and the independent regulator is looking to gain the ability to look into club affairs in such situations, the recently named head the regulator has stated.

In a wide-ranging interview, Kogan, who was recently selected, showed understanding towards supporters of the Owls.

Kogan met with four supporter groups associated with the football team this week.

The Championship side have been experiencing difficulties in multiple areas in the current year, with the club missing wage payments on five separate occasions, including in the autumn.

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

"Wednesday stands as one of the great brands for the English game and in recent days we have met fan representatives.

"We're now looking to get powers... which will permit us to bring the club and similar situations referred to us if they need to be investigated and dealt with."

Financial Struggles and Leadership Concerns

The team's struggling chairman the Thai businessman 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.

Missed wage deadlines on time in earlier this year caused limitations by the English Football League (EFL) in June, preventing the club from carrying out any recruitment activities for the next three transfer windows, although the ban was rescinded in August.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, teams facing challenges where supporters are loyal to a community organization that has existed throughout their lifetimes in multiple situations.

"I have absolute sympathy for the club's situation, as I do for all the clubs that over recent decades have faced collapse, or been close to going to the wall, for reasons that have nothing to do with the supporters."

When asked if the regulator could force an chairman to relinquish 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 gather the evidence and know what's going on, we will."

But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the oversight body would choose to collaborate with owners.

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

"In actuality, when you review the record of the game, over the recent generations there have been particular chairmen, a small minority, but some who have been irresponsible in the approach they have taken toward their teams and eventually decline to assume obligation for the future."

'Mistakes could erase significant advances'

The chairman convened with officials from numerous teams to explain the responsibilities of the authority recently and stated it constituted a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"This position carries substantial significance, because if errors are made, if the world of football gets it wrong, the significant advances achieved might evaporate swiftly," the chairman stated.

"Such an outcome is universally undesirable in the realm of domestic football is a huge success story - we've got to keep it going.

"Considerable investment entering the sport and has come into football for the past two decades, because there are no assurances it will continue to come into football, which is among the factors explaining I think we have to adopt a precise perspective on risk and of course, of the immediate future."

Premier League Concerns

Top flight officials resisted the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I'm absolutely committed to the success and growth as an economic entity of the top division.

"I of all people understand the worry about compromising the Premier League as a premium product of the nation. But concurrently, 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."

Ideological Links

Kogan is still facing a "full inquiry" by the public appointments commissioner after he disclosed making donations to the opposition group in recent years.

The official contributed funds to Culture Secretary Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have fully disclosed my previous political affiliation [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.

"I am presently disconnected from any form of political activity."