'Our role is integral to football's future' - independent football regulator the regulator's chair
The Championship club's ongoing struggles are seen as a "major concern" and the independent regulator is looking to gain the ability to examine team situations in comparable cases, its new chair the regulator has stated.
In a wide-ranging interview, Kogan, who was recently selected, expressed "sympathy" towards the club's followers.
Kogan met with four supporter groups associated with the football team recently.
The Championship side have been struggling on and off the field in this season, with the club delaying salary disbursements on several different times, including in last month.
"Obviously the club has become a significant problem for EFL and a major challenge for the sport," the chairman stated.
"Wednesday stands as one of the historic institutions for the English game and recently we have met fan representatives.
"We're now looking to get powers... which will enable us to take the club and similar situations brought to our attention if they warrant scrutiny and acted upon."
Monetary Issues and Ownership Situation
Wednesday's embattled owner the Thai businessman indicated in the summer he would be willing to sell up at the stadium, but he has not been able to secure a deal with interested parties.
Missed wage deadlines on time in spring months led to sanctions by the league officials in June, stopping Wednesday from completing any recruitment activities for the subsequent signing windows, although those limitations were removed in August.
Official's Viewpoint
The chairman stated: "The job [of the regulator] is there for the Owls followers, teams facing challenges where supporters are loyal to a local institution that has been part of their lives in multiple situations.
"I completely understand Sheffield Wednesday, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for causes separate from the fans themselves."
Questioned about whether the regulator could force an owner to sell a club if they are considered unfit, the regulator answered: "If your question is 'would we intervene in the final instance?', the answer is once we assemble the facts and understand the situation, we will."
But the chairman emphasized that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the regulator would prefer to collaborate with owners.
"Our least desirable course of action is start getting involved with an specific team, an individual owner, without being able to work 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 look back over the history of football, over the last 20 or 30 years there have been certain proprietors, not many, but some who have been irresponsible in the approach they have taken toward their teams and eventually refuse to accept accountability for the coming years."
Wednesday followers have been protesting against the team's chairman this season
'If we get it wrong, extraordinary progress vanishes'
The regulator engaged officials from numerous teams to lay out the remit of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "significant participation" from the National League to the Premier League.
"This position carries substantial significance, because should mistakes occur, if the world of football gets it wrong, the remarkable development accomplished necessary will vanish swiftly," the chairman stated.
"Such an outcome is universally undesirable in the realm of domestic football is a substantial accomplishment - we must maintain momentum.
"Substantial financial resources coming into football and has been invested for the past two decades, because there's no guarantee 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 risk and of course, of the next two or three years."
Elite Division Worries
Top flight officials resisted the establishment of an oversight body because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I completely endorse the success and growth as an commercial operation of the elite league.
"I of all people understand the worry about compromising the division as a high-quality offering of the nation. But concurrently, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, indeed, they have been telling us in private they have a significant confidence."
Ideological Links
Kogan is still facing a "thorough examination" by the Commissioner for Public Appointments after he acknowledged providing funds to the political party in the past.
The 68-year-old provided financial support for government minister the politician's campaign, along with that of the government leader.
"I have been entirely transparent regarding my past party membership [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the regulator explained.
"I am no longer involved in any type of partisan engagement."
