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The Championship club's current difficulties are seen as a "significant problem" and the football regulator is seeking powers to investigate clubs in similar circumstances, the recently named head the regulator has stated.

Through a comprehensive talk, Kogan, who was appointed on Monday, showed understanding towards the club's followers.

Kogan met with four supporter groups connected to the football team in recent days.

The team have been struggling on and off the field in 2025, with the club missing wage payments on multiple instances, including in last month.

"Obviously the club has become a significant problem for EFL and a significant problem for football," the chairman stated.

"Wednesday stands as one of the iconic names for football in England and in recent days we have met supporters' organizations.

"We're now looking to get powers... which will enable us to take Wednesday and comparable cases submitted for our review if they warrant scrutiny and addressed."

Economic Challenges and Leadership Concerns

The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be willing to sell up at Hillsborough, but he has failed to complete a sale with interested parties.

Missed wage deadlines on time in spring months led to sanctions by the football authorities in June, preventing the club from carrying out any player acquisitions for the following recruitment periods, although the ban was rescinded in August.

Authority's Position

Kogan said: "Our role exists to serve the Owls followers, Bury or any football club where supporters are loyal to a local institution that has represented their community in numerous instances.

"I completely understand Sheffield Wednesday, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the fans themselves."

When asked if the oversight body could require 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 reply is once we gather the evidence and know what's going on, we will."

But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the oversight body would choose to cooperate with proprietors.

"The final option we would consider is start getting involved with an specific team, an particular chairman, without having the opportunity to collaborate with that proprietor to address the issues that the club's facing and the proprietor's dealing with," the regulator explained.

"But the truth is, when you review the record of the game, over the last 20 or 30 years there have been certain proprietors, few in number, but particular people who have shown negligence in the approach they have taken toward their teams and eventually don't wish to take responsibility for the future."

'Mistakes could erase significant advances'

The regulator engaged delegates from multiple organizations to detail the scope of the regulator on Wednesday and stated it constituted a "progressive gathering" 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 football community fails, the extraordinary progress that's been made might evaporate rapidly," the chairman stated.

"This represents everyone's worst fear in the realm of domestic football is a huge success story - we need to continue the progress.

"Substantial financial resources coming into football and has come into football for the past two decades, because there's no guarantee it will continue to come into football, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the next two or three years."

Top Flight Apprehensions

The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the achievement and development as an economic entity of the elite league.

"Being fully aware of the apprehension regarding damaging the division as a high-quality offering of this country. But at the same time, if you engage with division representatives after this week's discussion, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a significant confidence."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he acknowledged providing funds to the opposition group in the past.

The official donated money to Culture Secretary the politician's campaign, 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 parliamentary committee confirmed my selection," Kogan said.

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