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The Championship club's ongoing struggles are seen as a "significant problem" and the football regulator is looking to gain the ability to investigate clubs in similar circumstances, the recently named head the regulator has stated.

During an extensive discussion, Kogan, who was recently selected, expressed "sympathy" towards supporters of the Owls.

The regulator engaged with four supporters' associations associated with the South Yorkshire club recently.

The team have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time 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.

"The club represents one of the great brands for the English game and in recent days we have met fan representatives.

"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases submitted for our review if they require examination and dealt with."

Monetary Issues and Proprietorship Status

Wednesday's embattled owner the current owner indicated in the summer he would be willing to sell up at the stadium, but he has failed to complete a sale with potential new owners.

Delayed salary payments on time in spring months caused limitations by the football authorities in June, preventing the club from carrying out any transfers or loans for the following recruitment periods, although those limitations were removed in the end of the transfer window.

Official's Viewpoint

Kogan said: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where supporters are loyal to a local institution that has been part of their lives in numerous instances.

"I have absolute sympathy for the team's plight, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the supporters."

Inquired if the oversight body could require an chairman to relinquish a club if they are judged inappropriate, the regulator answered: "When asking whether 'would we intervene in the final instance?', the response would be once we gather the evidence and understand the situation, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be considered the final option and the authority would rather to cooperate with proprietors.

"The final option we would consider is start getting involved with an individual club, an particular chairman, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the chairman's encountering," Kogan said.

"In actuality, when you review the record of football, over the past few decades there have been some owners, few in number, but particular people who have shown negligence in the approach they have taken toward their organizations and finally decline to assume obligation for the coming years."

'Errors may undo substantial development'

The regulator engaged representatives from 110 clubs to lay out the remit of the oversight body this week and insisted it was a "progressive gathering" with a "high level of engagement" from the National League to the Premier League.

"The role holds considerable importance, because should mistakes occur, if the world of football gets it wrong, the extraordinary progress that's been made might evaporate incredibly quickly," Kogan said.

"And that's what nobody wants in the context of the English game is a substantial accomplishment - we've got to keep it going.

"There's an enormous amount of money entering the sport and has come into football for the last 20 or 25 years, 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 potential dangers and naturally, of the coming seasons."

Premier League Concerns

Elite division representatives objected to the establishment of an oversight body because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but the chairman responded: "I completely endorse the prosperity and expansion as an economic entity of the top division.

"I of all people understand the apprehension regarding damaging 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 significant degree of comfort -and, indeed, they have been advising us privately they have a considerable comfort."

Political Connections

The chairman continues to confront a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in recent years.

The 68-year-old provided financial support for Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.

"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the select committee approved my appointment," the chairman stated.

"I currently have no participation in any sort of politics."