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The Championship club's current difficulties constitute a "serious issue" and the independent regulator is looking to gain the ability to examine team situations in such situations, the recently named head the official has stated.

In a wide-ranging interview, Kogan, who was recently selected, expressed "sympathy" towards Wednesday's fanbase.

The regulator engaged with four supporter groups associated with the Championship side this week.

The football club have been struggling on and off the field in this season, with the club failing to pay players on time on several different times, including in September.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a major challenge for the sport," the chairman stated.

"Wednesday stands as one of the great brands for English football and this week we have met supporters' organizations.

"Our aim is to acquire the ability... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they require examination and acted upon."

Financial Struggles and Ownership Situation

The club's controversial proprietor the current owner stated during the off-season he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with potential new owners.

Delayed salary payments on time in earlier this year led to sanctions by the league officials in mid-year, preventing the club from carrying out any recruitment activities for the following recruitment periods, although those limitations were removed in late summer.

Authority's Position

The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, teams facing challenges where people are committed to a community organization that has been part of their lives in multiple situations.

"I have absolute sympathy for the team's plight, as I do for all the clubs that in modern times have encountered failure, or been close to going to the wall, for causes separate from the fans themselves."

When asked if the regulator could force an owner to sell a club if they are deemed unsuitable, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we collect the information and know what's going on, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to work with them.

"The last thing what we want to do is start getting involved with an specific team, an individual owner, without being in a position to cooperate with that proprietor to address the challenges confronting the team and the chairman's encountering," the chairman stated.

"However, realistically, when you examine the past of the sport, over the last 20 or 30 years there have been particular chairmen, few in number, but some who have been irresponsible in the way which they've been managing their teams and eventually decline to assume obligation for the long-term prospects."

'Errors may undo substantial development'

The regulator engaged officials from numerous teams to lay out the remit of the oversight body this week and maintained it represented a "proactive meeting" with a "significant participation" from the National League to the Premier League.

"This position carries substantial significance, because if we get it wrong, if the football community fails, the remarkable development accomplished could disappear incredibly quickly," the chairman stated.

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

"There's an enormous amount of money flowing into the game and has come into football for the past two decades, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to adopt a precise perspective on risk and of course, 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 elite division's competitive balance, but the chairman responded: "I'm absolutely committed to the prosperity and expansion as an financial organization of the Premier League.

"As someone who appreciates the apprehension regarding damaging the division as a high-quality offering of England. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a significant degree of comfort -and, actually, they have been informing us confidentially they have a significant confidence."

Partisan Associations

Kogan is still facing a "comprehensive investigation" by the official appointments authority after he revealed he contributed money to the political party in the past.

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

"I've been completely open about my past party membership [with Labour], and that party membership ceased the day the select committee approved my appointment," the regulator explained.

"I am presently disconnected from any type of partisan engagement."