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The Championship club's persistent issues constitute a "serious issue" and the independent regulator is aiming to acquire authority to investigate clubs in similar circumstances, the recently named head the official has announced.

Through a comprehensive talk, the regulator, who was named to the position this week, expressed "sympathy" towards Wednesday's fanbase.

The regulator engaged with four supporter groups associated with the South Yorkshire club in recent days.

The football club have been facing challenges both on and off the pitch in the current year, with the club failing to pay players on time on several different times, including in the autumn.

"Clearly Sheffield Wednesday has been a significant problem for EFL and a substantial concern for English football," Kogan told.

"Sheffield Wednesday is one of the historic institutions for English football and recently we have met supporters' organizations.

"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they warrant scrutiny and addressed."

Monetary Issues and Ownership Situation

Wednesday's embattled owner the Thai businessman stated during the off-season he would be open to selling the club at their home ground, but he has not been able to secure a deal with prospective buyers.

Delayed salary payments on time in March and May resulted in restrictions being imposed by the league officials in June, blocking the team from conducting any recruitment activities for the next three transfer windows, although the ban was rescinded in August.

Authority's Position

The chairman stated: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where supporters are loyal to a community organization that has represented their community in multiple situations.

"I completely understand the team's plight, as I do for each organization that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the fans themselves."

Questioned about whether the authority might compel an proprietor to divest a club if they are judged inappropriate, the chairman responded: "When asking whether 'would we intervene in the final instance?', the response would be once we gather the evidence and comprehend the circumstances, we will."

But Kogan stressed that compelling proprietors to divest clubs would be viewed as the ultimate measure and the oversight body would choose to work with them.

"Our least desirable course of action is begin intervening in an particular organization, an individual owner, without having the opportunity to collaborate with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the chairman stated.

"In actuality, when you examine the past of the game, over the recent generations there have been some owners, few in number, but certain individuals who have acted carelessly in the manner they have operated their clubs and ultimately decline to assume obligation for the coming years."

'Errors may undo substantial development'

The chairman convened with representatives from 110 clubs to lay out the remit of the oversight body this week and insisted it was a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.

"It's a job that's actually really important, because should mistakes occur, if the sport makes errors, the significant advances achieved could disappear swiftly," Kogan said.

"Such an outcome is universally undesirable in the realm of domestic football is a major achievement - we must maintain momentum.

"Considerable investment flowing into the game and has come into football for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to take a really clear view on potential dangers and naturally, of the immediate future."

Premier League Concerns

Top flight officials resisted the establishment of an oversight body because of concerns about detrimental effects on the elite division's competitive balance, but Kogan said: "I completely endorse the success and growth as an commercial operation of the top division.

"As someone who appreciates the worry about compromising the Premier League as a premium product of the nation. But concurrently, if you engage with division representatives after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been informing us confidentially they have a significant confidence."

Ideological Links

The regulator remains subject to a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the opposition group in the past.

The 68-year-old donated money to Culture Secretary the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my past party membership [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the regulator explained.

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