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The Championship club's current difficulties represent a a "significant problem" and the football regulator is seeking powers to examine team situations in such situations, its new chair the regulator has declared.

In a wide-ranging interview, Kogan, who was named to the position this week, showed understanding towards the club's followers.

The chairman convened with four supporters' associations connected to the Championship side in recent days.

The team have been struggling on and off the field in the current year, with the club failing to pay players on time on multiple instances, including in September.

"Obviously the club has become a significant problem for EFL and a substantial concern for English football," Kogan told.

"Wednesday stands as one of the historic institutions for English football and in recent days 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 dealt with."

Economic Challenges and Proprietorship Status

The team's struggling chairman Dejphon Chansiri indicated in the summer he would be open to selling the club at the stadium, but he has failed to complete a sale with potential new owners.

Failure to pay player wages on time in spring months caused limitations by the football authorities in summer, blocking the team from conducting any player acquisitions for the subsequent signing windows, although those limitations were removed in late summer.

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 been part of their lives in many cases.

"I have absolute sympathy for the club's situation, as I do for every team that in modern times have encountered failure, or approached financial ruin, for factors unrelated to the followers."

When asked if the oversight body could require an proprietor to divest a club if they are considered unfit, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we assemble the facts and know what's going on, we will."

But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" and the authority would rather to cooperate with proprietors.

"The final option we would consider is begin intervening in an particular organization, an individual owner, 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 chairman stated.

"But the truth is, when you look back over the history of football, over the past few decades there have been particular chairmen, few in number, 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'

Kogan met with delegates from multiple organizations to explain the responsibilities of the authority recently and insisted it was a "forward-thinking discussion" with a "significant participation" from the lower divisions to the top flight.

"It's a job that's actually really important, because should mistakes occur, if the football community fails, the remarkable development accomplished could disappear incredibly quickly," Kogan said.

"And that's what nobody wants in the context of the English game is a huge success story - we've got to keep it going.

"Substantial financial resources entering the sport and has been invested for the last 20 or 25 years, because there's no guarantee it will continue to come into football, which is among the factors explaining I think we have to adopt a precise perspective on risk and of course, of the immediate future."

Elite Division Worries

The Premier League opposed 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 success and growth as an economic entity of the elite league.

"I of all people understand the worry about compromising the top flight as an elite competition of the nation. But simultaneously, if you consult with top flight officials 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 high level of reassurance."

Political Connections

The regulator remains subject to a "comprehensive investigation" by the public appointments commissioner after he disclosed making donations to the Labour Party in recent years.

The 68-year-old donated money to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the current Prime Minister.

"I have fully disclosed my previous political affiliation [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the regulator explained.

"I am presently disconnected from any type of partisan engagement."