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The team's current difficulties are seen as a "serious issue" and the independent regulator is aiming to acquire authority to investigate clubs in similar circumstances, the newly appointed chairman the official has declared.

In a wide-ranging interview, the regulator, who was appointed on Monday, voiced concern towards the club's followers.

Kogan met with four supporter groups associated with the Championship side in recent days.

The team 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.

"Obviously the club has become a significant problem for EFL and a major challenge for the sport," Kogan told.

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

"We're now looking to get powers... which will allow us to have Wednesday and comparable cases brought to our attention if they need to be investigated and addressed."

Financial Struggles and Ownership Situation

Wednesday's embattled owner the current owner suggested earlier this year he would be open to selling the club at the stadium, but he has been unable to finalize an agreement with potential new owners.

Failure to pay player wages on time in spring months resulted in restrictions being imposed by the league officials in summer, blocking the team from conducting any recruitment activities for the following recruitment periods, although the ban was rescinded in late summer.

Authority's Position

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

"I completely understand the club's situation, as I do for every team that in modern times have encountered failure, or approached financial ruin, for causes separate from the supporters."

When asked if the regulator could force an proprietor to divest a club if they are considered unfit, the chairman responded: "If your question is 'would we intervene in the final instance?', the reply is once we gather the evidence and comprehend the circumstances, we will."

But the regulator clarified that compelling proprietors to divest clubs would be viewed as the ultimate measure and the authority would rather to collaborate with owners.

"Our least desirable course of action is begin intervening in an individual club, an individual owner, without being able to work with that owner to try and resolve the issues that the club's facing and the owner's facing," Kogan said.

"In actuality, when you examine the past of the game, over the recent generations there have been some owners, few in number, but some who have been irresponsible in the manner they have operated their teams and eventually don't wish to take responsibility for the coming years."

'Mistakes could erase significant advances'

The regulator engaged delegates from multiple organizations to lay out the remit of the authority recently and stated it constituted a "proactive meeting" 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 remarkable development accomplished necessary will vanish swiftly," Kogan said.

"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 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 risk and of course, of the next two or three years."

Premier League Concerns

Top flight officials resisted the formation of an authority because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but Kogan said: "I fully support the prosperity and expansion as an financial organization of the top division.

"As someone who appreciates the concern of undermining the top flight as an elite competition of the nation. But concurrently, if you engage with division representatives after this week's discussion, they would have had a high level of reassurance -and, indeed, they have been advising us privately they have a significant confidence."

Partisan Associations

Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the Labour Party in the past.

The official provided financial support for government minister Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.

"I have been entirely transparent regarding my former ideological connection [with Labour], and that ideological connection terminated the day the select committee approved my appointment," the chairman stated.

"I am presently disconnected from any form of political activity."