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The team's ongoing struggles are seen as a "major concern" and the football regulator is seeking powers to look into club affairs in comparable cases, the recently named head the official has declared.

In a wide-ranging interview, the chairman, who was appointed on Monday, voiced concern towards supporters of the Owls.

The regulator engaged with four supporters' associations representing the South Yorkshire club in recent days.

The Championship side have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on five separate occasions, including in the autumn.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a significant problem for football," the chairman stated.

"Wednesday stands as one of the historic institutions for English football and this week we have met Sheffield Wednesday supporters' groups.

"We're now looking to get powers... which will permit us to bring Sheffield Wednesday - and other clubs brought to our attention if they warrant scrutiny and dealt with."

Financial Struggles and Ownership Situation

The club's controversial proprietor the current owner stated during the off-season he would be open to selling the club at their home ground, but he has been unable to finalize an agreement with interested parties.

Delayed salary payments on time in March and May led to sanctions by the league officials in summer, stopping Wednesday from completing any recruitment activities for the next three transfer windows, although the ban was rescinded in late summer.

Regulator's Perspective

The regulator explained: "The job [of the regulator] is there for the fans of Sheffield Wednesday, teams facing challenges where supporters are loyal to a local institution that has existed throughout their lifetimes in multiple situations.

"I fully appreciate 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 causes separate from the followers."

Inquired if the regulator could force an owner to sell a club if they are considered unfit, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the response would be 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 treated as a "last resort" and the regulator would prefer to work with them.

"Our least desirable course of action is start getting involved with an individual club, an individual owner, without having the opportunity to collaborate with that owner to try and resolve the challenges confronting the team and the chairman's encountering," Kogan said.

"But the truth is, when you review the record of the sport, over the recent generations there have been particular chairmen, not many, but particular people who have shown negligence in the approach they have taken toward their organizations and finally refuse to accept accountability for the future."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with officials from numerous teams to explain the responsibilities of the regulator on Wednesday and insisted it was a "proactive meeting" with a "high level of engagement" from the lower divisions to the top flight.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the remarkable development accomplished could disappear swiftly," Kogan said.

"This represents everyone's worst fear in the realm of domestic football is a major achievement - we've got to keep it going.

"Considerable investment flowing into the game and has been channeled for the past two decades, because certainty is lacking it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on challenges and obviously, of the next two or three years."

Top Flight Apprehensions

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'm absolutely committed to the prosperity and expansion as an commercial operation of the elite league.

"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of England. But concurrently, if you consult with top flight officials after the recent gathering, they would have had a significant degree of comfort -and, actually, they have been informing us confidentially they have a considerable comfort."

Political Connections

The regulator remains subject to a "thorough examination" by the public appointments commissioner after he disclosed making donations to the Labour Party in recent years.

The 68-year-old provided financial support for Secretary of State for Culture, Media and Sport the politician's 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 parliamentary committee confirmed my selection," the regulator explained.

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