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The Championship club's ongoing struggles represent a a "significant problem" and the football regulator is looking to gain the ability to investigate clubs in such situations, its new chair the regulator has declared.

In a wide-ranging interview, the regulator, who was appointed on Monday, showed understanding towards the club's followers.

Kogan met with four fan organizations representing the football team in recent days.

The team have been struggling on and off the field in the current year, with the club delaying salary disbursements on multiple instances, including in last month.

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

"Wednesday stands as one of the historic institutions for the English game and in recent days we have met supporters' organizations.

"Our aim is to acquire the ability... which will allow us to have the club and similar situations brought to our attention if they need to be investigated and addressed."

Monetary Issues and Leadership Concerns

The team's struggling chairman the current owner suggested earlier this year he would be open to selling the club at the stadium, but he has failed to complete a sale with prospective buyers.

Missed wage deadlines on time in March and May resulted in restrictions being imposed by the football authorities in summer, blocking the team from conducting any transfers or loans for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.

Authority's Position

Kogan said: "The position was created for the fans of Sheffield Wednesday, Bury or any football club where fans are dedicated to a community organization that has existed throughout their lifetimes in numerous instances.

"I have absolute sympathy for the club's situation, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for causes separate from the fans themselves."

Inquired if the regulator could force an proprietor to divest a club if they are considered unfit, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we gather the evidence and know what's going on, we will."

But Kogan stressed that requiring chairmen to relinquish clubs would be considered the final option and the oversight body would choose to work with them.

"The last thing what we want to do is begin intervening in an individual club, an particular chairman, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the proprietor's dealing with," Kogan said.

"In actuality, when you examine the past of the game, over the last 20 or 30 years there have been certain proprietors, not many, but certain individuals who have acted carelessly in the manner they have operated their organizations and finally decline to assume obligation for the long-term prospects."

'Mistakes could erase significant advances'

The chairman convened with delegates from multiple organizations to detail the scope of the regulator on Wednesday and maintained it represented a "proactive meeting" with a "substantial involvement" from the lower divisions to the top flight.

"The role holds considerable importance, because should mistakes occur, if the world of football gets it wrong, the remarkable development accomplished could disappear incredibly quickly," the regulator warned.

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

"There's an enormous amount of money entering the sport and has been channeled for the last 20 or 25 years, because certainty is lacking it will persist in entering the game, which is among the factors explaining I think we have to adopt a precise perspective on challenges and obviously, of the coming seasons."

Premier League Concerns

Elite division representatives objected to the formation of an authority because of fears of a negative impact on the top-flight's competitiveness, but the chairman responded: "I fully support the success and growth as an commercial operation of the elite league.

"Being fully aware of the worry about compromising the division as a high-quality offering of England. But simultaneously, 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 telling us in private they have a considerable comfort."

Ideological Links

The chairman continues to confront a "full inquiry" by the Commissioner for Public Appointments after he disclosed making donations to the opposition group in the past.

The chairman provided financial support for government minister the minister's leadership bid, along with that of the government leader.

"I've been completely open about my former ideological connection [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the regulator explained.

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