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The Championship club's current difficulties constitute a "major concern" and the new football authority is looking to gain the ability to investigate clubs in such situations, the recently named head the regulator has announced.

In a wide-ranging interview, the chairman, who was named to the position this week, voiced concern towards Wednesday's fanbase.

Kogan met with four supporters' associations connected to the football team this week.

The Championship side have been experiencing difficulties in multiple areas in this season, with the club delaying salary disbursements on five separate occasions, including in September.

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

"Wednesday stands as one of the iconic names for English football and recently we have met fan representatives.

"Our aim is to acquire the ability... which will allow us to have Wednesday and comparable cases submitted for our review if they need to be investigated and dealt with."

Economic Challenges and Leadership Concerns

The team's struggling chairman the Thai businessman indicated in the summer he would be prepared to relinquish control at Hillsborough, but he has not been able to secure a deal with interested parties.

Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the football authorities in summer, stopping Wednesday from completing any player acquisitions for the subsequent signing windows, although those limitations were removed in the end of the transfer window.

Regulator's Perspective

The regulator explained: "Our role exists to serve the Owls followers, teams facing challenges where people are committed to a regional establishment that has been part of their lives in numerous instances.

"I have absolute sympathy for the club's situation, as I do for each organization that in modern times have encountered failure, or nearly ceased operations, for reasons that have nothing to do with the supporters."

Inquired if the regulator could force an proprietor to divest a club if they are considered unfit, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we assemble the facts and understand the situation, we will."

But the regulator clarified that requiring chairmen to relinquish clubs would be treated as a "last resort" and the regulator would prefer to collaborate with owners.

"Our least desirable course of action is begin intervening in an specific team, an particular chairman, without having the opportunity to collaborate with that proprietor to address the challenges confronting the team and the chairman's encountering," the regulator explained.

"But the truth is, when you review the record of the game, over the recent generations there have been certain proprietors, not many, but particular people who have shown negligence in the manner they have operated their clubs and ultimately decline to assume obligation for the long-term prospects."

'Mistakes could erase significant advances'

The regulator engaged delegates from multiple organizations to explain the responsibilities of the regulator on Wednesday and insisted it was a "proactive meeting" with a "high level of engagement" 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 significant advances achieved could disappear rapidly," the regulator warned.

"This represents everyone's worst fear in the context of the English game is a substantial accomplishment - we must maintain momentum.

"Considerable investment coming into football and has been invested for the last 20 or 25 years, because certainty is lacking it will keep flowing into the sport, which is among the factors explaining I think we have to adopt a precise perspective on potential dangers and naturally, of the coming seasons."

Elite Division Worries

Elite division representatives objected to the establishment of an oversight body because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I completely endorse the prosperity and expansion as an economic entity of the Premier League.

"Being fully aware of the concern of undermining the top flight as an elite competition of this country. But simultaneously, if you engage with division representatives after today's meeting, they would have had a high level of reassurance -and, indeed, they have been advising us privately they have a significant confidence."

Ideological Links

The chairman continues to confront a "comprehensive investigation" by the Commissioner for Public Appointments after he revealed he contributed money to the political party in the past.

The chairman donated money to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.

"I have been entirely transparent regarding my past party membership [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the chairman stated.

"I am presently disconnected from any form of political activity."