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The Championship club's ongoing struggles constitute a "serious issue" and the new football authority is looking to gain the ability to look into club affairs in such situations, the recently named head the official has declared.

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

The regulator engaged with four fan organizations representing the South Yorkshire club recently.

The football club have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on several different times, including in last month.

"Obviously the club has become a major concern for the league and a major challenge for the sport," the chairman stated.

"Sheffield Wednesday is one of the iconic names for English football and in recent days we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will enable us to take the club and similar situations brought to our attention if they need to be investigated and addressed."

Financial Struggles and Proprietorship Status

The team's struggling chairman the Thai businessman suggested earlier this year he would be open to selling the club at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in spring months resulted in restrictions being imposed by the English Football League (EFL) in June, stopping Wednesday from completing any recruitment activities for the following recruitment periods, although those limitations were removed in August.

Regulator's Perspective

The chairman stated: "The job [of the regulator] is there for the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a community organization that has existed throughout their lifetimes in many cases.

"I completely understand Sheffield Wednesday, as I do for all the clubs that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the supporters."

Inquired if the regulator could force an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the reply is once we collect the information and know what's going on, we will."

But the regulator clarified that forcing owners to sell clubs would be considered the final option and the regulator would prefer to collaborate with owners.

"The last thing what we want to do is begin intervening in an individual club, an specific proprietor, without being able to work with that owner to try and resolve the issues that the club's facing and the owner's facing," the chairman stated.

"But the truth is, when you look back over the history of the sport, over the past few decades there have been certain proprietors, a small minority, but certain individuals who have acted carelessly in the approach they have taken toward their teams and eventually decline to assume obligation for the long-term prospects."

'If we get it wrong, extraordinary progress vanishes'

The regulator engaged delegates from multiple organizations to lay out the remit of the oversight body this week and stated it constituted a "progressive gathering" with a "substantial involvement" from the grassroots to elite level.

"The role holds considerable importance, because if errors are made, if the sport makes errors, the remarkable development accomplished necessary will vanish incredibly quickly," the regulator warned.

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

"Substantial financial resources entering the sport and has been channeled for the last 20 or 25 years, because certainty is lacking it will continue to come into football, which is part of the rationale behind I think we have to maintain a focused outlook on risk and of course, of the immediate future."

Elite Division Worries

The Premier League opposed the creation of a regulator because of fears of a negative impact on the top-flight's competitiveness, but Kogan said: "I fully support the success and growth as an commercial operation of the top division.

"I of all people understand the worry about compromising the top flight as an elite competition of the nation. But simultaneously, if you consult with top flight officials after the recent gathering, they would have had a high level of reassurance -and, indeed, they have been informing us confidentially they have a significant confidence."

Political Connections

The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he disclosed making donations to the opposition group in recent years.

The official contributed funds to government minister Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I have fully disclosed my former ideological connection [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the chairman stated.

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