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The Championship club's persistent issues constitute a "significant problem" and the new football authority is looking to gain the ability to look into club affairs in comparable cases, the newly appointed chairman the regulator has declared.

In a wide-ranging interview, Kogan, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.

The chairman convened with four supporter groups associated with the South Yorkshire club in recent days.

The Championship side have been facing challenges both on and off the pitch in the current year, with the club delaying salary disbursements on multiple instances, including in the autumn.

"Evidently Wednesday represents a significant problem for EFL and a significant problem for football," the regulator explained.

"The club represents one of the historic institutions for football in England and in recent days we have met supporters' organizations.

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

Economic Challenges and Leadership Concerns

The club's controversial proprietor the Thai businessman stated during the off-season he would be open to selling the club at Hillsborough, but he has failed to complete a sale with potential new owners.

Delayed salary payments on time in earlier this year caused limitations by the English Football League (EFL) in mid-year, preventing the club from carrying out any recruitment activities for the next three transfer windows, although those limitations were removed in the end of the transfer window.

Official's Viewpoint

Kogan said: "Our role exists to serve the supporters of Wednesday, Bury or any football club where supporters are loyal to a regional establishment that has represented their community in multiple situations.

"I fully appreciate the team's plight, as I do for all the clubs that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the followers."

When asked if the authority might compel an chairman to relinquish a club if they are deemed unsuitable, Kogan said: "If your question is 'would we intervene in the final instance?', the reply is once we assemble the facts and comprehend the circumstances, we will."

But Kogan stressed that forcing owners to sell clubs would be viewed as the ultimate measure and the regulator would prefer to cooperate with proprietors.

"The last thing what we want to do is begin intervening in an individual club, an specific proprietor, without having the opportunity to collaborate with that owner to try and resolve the problems affecting the organization and the proprietor's dealing with," the regulator explained.

"However, realistically, when you review the record of the game, over the past few decades there have been certain proprietors, a small minority, but particular people who have shown negligence in the way which they've been managing their organizations and finally don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

The chairman convened with representatives from 110 clubs to lay out the remit of the regulator on Wednesday 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 if we get it wrong, if the football community fails, the extraordinary progress that's been made could disappear incredibly quickly," the regulator warned.

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

"Considerable investment coming into football and has come into football for the recent generations, 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 immediate future."

Top Flight Apprehensions

The Premier League opposed the formation of an authority because of concerns about detrimental effects on the top-flight's competitiveness, but Kogan said: "I fully support the achievement and development as an financial organization of the elite league.

"As someone who appreciates the concern of undermining the Premier League as a premium product of the nation. But simultaneously, if you consult with top flight officials after this week's discussion, they would have had a significant degree of comfort -and, actually, they have been informing us confidentially they have a considerable comfort."

Political Connections

Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in recent years.

The 68-year-old provided financial support for Culture Secretary the politician's campaign, along with that of the current Prime Minister.

"I have fully disclosed my past party membership [with Labour], and that party membership ceased the day the official body endorsed my nomination," the regulator explained.

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