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The Championship club's persistent issues are seen as a "serious issue" and the independent regulator is seeking powers to investigate clubs in similar circumstances, the newly appointed chairman the regulator has announced.

In a wide-ranging interview, Kogan, who was recently selected, voiced concern towards the club's followers.

Kogan met with four supporters' associations associated with the South Yorkshire club in recent days.

The Championship side have been facing challenges both on and off the pitch in the current year, with the club failing to pay players on time on several different times, including in the autumn.

"Obviously the club has become a significant problem for EFL and a significant problem for football," the regulator explained.

"Sheffield Wednesday is one of the great brands for football in England and this week we have met supporters' organizations.

"Our aim is to acquire the ability... which will enable us to take the club and similar situations brought to our attention if they need to be investigated and acted upon."

Financial Struggles and Leadership Concerns

The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be open to selling the club at the stadium, but he has been unable to finalize an agreement with prospective buyers.

Missed wage deadlines on time in earlier this year led to sanctions by the football authorities in mid-year, preventing the club from carrying out any transfers or loans for the next three transfer windows, although the ban was rescinded in late summer.

Official's Viewpoint

The regulator explained: "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 existed throughout their lifetimes in many cases.

"I completely understand the team's plight, as I do for each organization that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the followers."

Questioned about whether the oversight body could require an owner to sell a club if they are considered unfit, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we gather the evidence and understand the situation, we will."

But Kogan stressed that compelling proprietors to divest clubs would be treated as a "last resort" and the authority would rather to cooperate with proprietors.

"The final option we would consider is commence engagement with an specific team, an particular chairman, without being able to work with that chairman to fix the issues that the club's facing and the owner's facing," Kogan said.

"However, realistically, when you review the record of the game, over the last 20 or 30 years there have been particular chairmen, few in number, 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."

'Errors may undo substantial development'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "significant participation" from the lower divisions to the top flight.

"The role holds considerable importance, because if errors are made, if the football community fails, the remarkable development accomplished necessary will vanish swiftly," the regulator warned.

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

"There's an enormous amount of money flowing into the game and has been channeled for the past two decades, because there's no guarantee it will keep flowing into the sport, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the immediate future."

Premier League Concerns

Top flight officials resisted the creation of a regulator because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I completely endorse the success and growth as an economic entity of the elite league.

"As someone who appreciates the apprehension regarding damaging the division as a high-quality offering of this country. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a high level of reassurance."

Partisan Associations

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the political party in 2020.

The 68-year-old provided financial support for Culture Secretary Lisa Nandy's leadership campaign, along with that of the government leader.

"I have fully disclosed my past party membership [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," Kogan said.

"I am no longer involved in any sort of politics."