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The team's persistent issues represent a a "serious issue" and the football regulator is aiming to acquire authority to look into club affairs in similar circumstances, the recently named head the regulator has declared.

In a wide-ranging interview, Kogan, who was recently selected, voiced concern towards supporters of the Owls.

Kogan met with four supporter groups connected to the football team this week.

The Championship side have been facing challenges both on and off the pitch in this season, with the club missing wage payments on several different times, including in the autumn.

"Evidently Wednesday represents a significant problem for EFL and a major challenge for the sport," the regulator explained.

"The club represents one of the historic institutions for the English game and recently we have met fan representatives.

"We're now looking to get powers... which will enable us to take Wednesday and comparable cases brought to our attention if they warrant scrutiny and acted upon."

Financial Struggles and Ownership Situation

The team's struggling chairman Dejphon Chansiri stated during the off-season he would be prepared to relinquish control at the stadium, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in March and May caused limitations by the football authorities in mid-year, stopping Wednesday from completing any transfers or loans for the next three transfer windows, although those limitations were removed in late summer.

Official's Viewpoint

The chairman stated: "Our role exists to serve the Owls followers, Bury or any football club where fans are dedicated to a community organization that has been part of their lives in many cases.

"I have absolute sympathy for the team's plight, as I do for every team that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the supporters."

When asked if the regulator could force an proprietor to divest a club if they are considered unfit, the regulator answered: "If your question is 'would we intervene in the final instance?', the answer is once we assemble the facts and understand the situation, we will."

But the chairman emphasized that requiring chairmen to relinquish 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 specific team, an individual owner, without being in a position to cooperate with that chairman to fix the issues that the club's facing and the proprietor's dealing with," Kogan said.

"But the truth is, when you examine the past of football, over the last 20 or 30 years there have been particular chairmen, few in number, but particular people who have shown negligence in the way which they've been managing their teams and eventually don't wish to take responsibility for the long-term prospects."

'Errors may undo substantial development'

Kogan met with delegates from multiple organizations to lay out the remit of the oversight body this week and stated it constituted a "proactive meeting" with a "high level of engagement" from the National League to the Premier League.

"The role holds considerable importance, because if errors are made, if the world of football gets it wrong, the remarkable development accomplished might evaporate swiftly," the chairman stated.

"This represents everyone's worst fear in the context of the English game is a major achievement - we need to continue the progress.

"Considerable investment entering the sport and has come into football for the recent generations, because there's no guarantee it will continue to come into football, which is among the factors explaining I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."

Top Flight Apprehensions

Top flight officials resisted the formation of an authority because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but the regulator stated: "I'm absolutely committed to the achievement and development as an commercial operation of the Premier League.

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of the nation. But concurrently, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, in fact, they have been advising us privately they have a significant confidence."

Partisan Associations

The regulator remains subject to a "full inquiry" by the public appointments commissioner after he revealed he contributed money to the political party in 2020.

The chairman contributed funds to Culture Secretary Lisa Nandy's leadership campaign, along with that of the government leader.

"I have been entirely transparent regarding my previous political affiliation [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the chairman stated.

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