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The Championship club's ongoing struggles are seen as a "significant problem" and the football regulator is seeking powers to investigate clubs in similar circumstances, its new chair the official has stated.

In a wide-ranging interview, the regulator, who was appointed on Monday, expressed "sympathy" towards Wednesday's fanbase.

The chairman convened with four supporters' associations associated with the football team in recent days.

The Championship side have been experiencing difficulties in multiple areas in the current year, with the club missing wage payments on several different times, including in September.

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

"The club represents one of the historic institutions for football in England and recently we have met Sheffield Wednesday supporters' groups.

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

Economic Challenges and Ownership Situation

The club's controversial proprietor the Thai businessman indicated in the summer he would be prepared to relinquish control at Hillsborough, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in June, blocking the team from conducting any player acquisitions for the subsequent signing windows, although the ban was rescinded in August.

Regulator's Perspective

The chairman stated: "The job [of the regulator] is there for the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a regional establishment that has represented their community in numerous instances.

"I have absolute sympathy for the team's plight, as I do for each organization that over recent decades have faced collapse, or been close to going to the wall, for reasons that have nothing to do with the fans themselves."

Inquired if the authority might compel an chairman to relinquish 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 the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to work with them.

"Our least desirable course of action is start getting involved with an particular organization, an particular chairman, without being in a position to cooperate with that chairman to fix the problems affecting the organization and the chairman's encountering," Kogan said.

"In actuality, when you examine the past of the sport, over the recent generations there have been particular chairmen, a small minority, but particular people who have shown negligence in the approach they have taken toward their teams and eventually don't wish to take responsibility for the long-term prospects."

'Mistakes could erase significant advances'

Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and insisted it was a "proactive meeting" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the sport makes errors, the extraordinary progress that's been made could disappear rapidly," the chairman stated.

"This represents everyone's worst fear in the terms of English football is a huge success story - we must maintain momentum.

"Substantial financial resources coming into football and has been channeled for the past two decades, because certainty is lacking it will keep flowing into the sport, which is among the factors explaining I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."

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 prosperity and expansion as an commercial operation of the elite league.

"Being fully aware of the concern of undermining the division as a high-quality offering of this country. But simultaneously, if you talk to the Premier League after the recent gathering, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a high level of reassurance."

Political Connections

The chairman continues to confront a "full inquiry" by the public appointments commissioner after he disclosed making donations to the political party in 2020.

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

"I have been entirely transparent regarding my former ideological connection [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the chairman stated.

"I am no longer involved in any type of partisan engagement."