'We are going to be a part of football's future' - football oversight chief the new chairman
The team's persistent issues are seen as a "serious issue" and the independent regulator is seeking powers to investigate clubs in comparable cases, the recently named head the regulator has stated.
In a wide-ranging interview, the regulator, who was recently selected, showed understanding towards the club's followers.
Kogan met with four supporters' associations connected to the South Yorkshire club this week.
The Championship side have been struggling on and off the field in this season, with the club delaying salary disbursements on multiple instances, including in September.
"Obviously the club has become a significant problem for EFL and a significant problem for football," Kogan told.
"Sheffield Wednesday is one of the iconic names for the English game and in recent days we have met Sheffield Wednesday supporters' groups.
"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases referred to us if they need to be investigated and dealt with."
Economic Challenges and Proprietorship Status
Wednesday's embattled owner the current owner suggested earlier this year he would be willing to sell up at the stadium, but he has failed to complete a sale with interested parties.
Failure to pay player wages on time in March and May resulted in restrictions being imposed by the league officials in mid-year, blocking the team from conducting any player acquisitions for the following recruitment periods, although that restriction was lifted in August.
Regulator's Perspective
The regulator explained: "Our role exists to serve the Owls followers, Bury or any football club where fans are dedicated to a local institution that has existed throughout their lifetimes in numerous instances.
"I completely understand the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for reasons that have nothing to do with the fans themselves."
Inquired if the regulator could force an chairman to relinquish a club if they are considered unfit, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we gather the evidence and know what's going on, we will."
But Kogan stressed that requiring chairmen to relinquish clubs would be treated as a "last resort" and the oversight body would choose to work with them.
"The final option we would consider is start getting involved with an individual club, an specific proprietor, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the owner's facing," the regulator explained.
"However, realistically, when you review the record of the sport, over the last 20 or 30 years there have been certain proprietors, few in number, but particular people who have shown negligence in the approach they have taken toward their organizations and finally don't wish to take responsibility for the long-term prospects."
Wednesday followers have been demonstrating against owner Dejphon Chansiri in recent months
'If we get it wrong, extraordinary progress vanishes'
The chairman convened with representatives from 110 clubs to detail the scope of the oversight body this week and insisted it was a "proactive meeting" with a "high level of engagement" from the grassroots to elite level.
"It's a job that's actually really important, because if errors are made, if the world of football gets it wrong, the significant advances achieved might evaporate swiftly," Kogan said.
"This represents everyone's worst fear in the context of the English game is a major achievement - we must maintain momentum.
"Considerable investment entering the sport and has been channeled for the past two decades, because there's no guarantee it will persist in entering the game, which is among the factors explaining I think we have to maintain a focused outlook on risk and of course, of the next two or three years."
Elite Division Worries
Top flight officials resisted the creation of a regulator because of concerns about detrimental effects on the top-flight's competitiveness, but the regulator stated: "I'm absolutely committed to the prosperity and expansion as an commercial operation of the elite league.
"Being fully aware of the concern of undermining the division as a high-quality offering of the nation. But at the same time, if you talk to the Premier League after the recent gathering, they would have had a substantial amount of confidence -and, actually, they have been advising us privately they have a significant confidence."
Ideological Links
The chairman continues to confront a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the opposition group in recent years.
The 68-year-old donated money to government minister the politician's campaign, along with that of the current Prime Minister.
"I have been entirely transparent regarding my former ideological connection [with Labour], and that party membership ceased the day the official body endorsed my nomination," the chairman stated.
"I am presently disconnected from any type of partisan engagement."
