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The team's current difficulties constitute a "serious issue" and the independent regulator is aiming to acquire authority to look into club affairs in comparable cases, its new chair the regulator has declared.

In a wide-ranging interview, Kogan, who was recently selected, expressed "sympathy" towards supporters of the Owls.

The regulator engaged with four fan organizations connected to the South Yorkshire club this week.

The team have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on five separate occasions, including in the autumn.

"Evidently Wednesday represents a major concern for the league and a substantial concern for English football," Kogan told.

"The club represents one of the iconic names for football in England and in recent days we have met fan representatives.

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

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 been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in earlier this year caused limitations by the football authorities in June, blocking the team from conducting any player acquisitions for the next three transfer windows, although the ban was rescinded in the end of the transfer window.

Regulator's Perspective

Kogan said: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where fans are dedicated to a regional establishment that has represented their community in multiple situations.

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

When asked if the authority might compel an proprietor to divest a club if they are judged inappropriate, the chairman responded: "If your question is '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 Kogan stressed that compelling proprietors to divest clubs would be treated as a "last resort" and the regulator would prefer to collaborate with owners.

"Our least desirable course of action is start getting involved with an particular organization, an specific proprietor, without being able to work with that chairman to fix the challenges confronting the team and the chairman's encountering," Kogan said.

"But the truth is, when you look back over the history of football, over the last 20 or 30 years there have been certain proprietors, not many, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately decline to assume obligation for the future."

'If we get it wrong, extraordinary progress vanishes'

Kogan met with representatives from 110 clubs to explain the responsibilities of the authority recently and maintained it represented a "progressive gathering" with a "high level of engagement" from the National League to the Premier League.

"This position carries substantial significance, because if errors are made, if the sport makes errors, the remarkable development accomplished necessary will vanish rapidly," the regulator warned.

"Such an outcome is universally undesirable in the context of the English game is a substantial accomplishment - we must maintain momentum.

"Considerable investment flowing into the game and has been invested for the past two decades, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook on challenges and obviously, of the immediate future."

Elite Division Worries

Top flight officials resisted the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but the chairman responded: "I fully support the success and growth as an commercial operation of the top division.

"Being fully aware of the concern of undermining the Premier League as a premium product of the nation. But at the same time, if you engage with division representatives after this week's discussion, they would have had a high level of reassurance -and, in fact, they have been informing us confidentially they have a high level of reassurance."

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 official contributed funds to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.

"I have fully disclosed my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.

"I currently have no participation in any type of partisan engagement."