'Our role is integral to football's future' - newly appointed regulator the new chairman
The team's ongoing struggles are seen as a "serious issue" and the new football authority is looking to gain the ability to examine team situations in comparable cases, the recently named head the official has announced.
In a wide-ranging interview, the chairman, who was appointed on Monday, voiced concern towards the club's followers.
The regulator engaged with four supporter groups connected to the football team this week.
The Championship side have been facing challenges both on and off the pitch in the current year, with the club failing to pay players on time on five separate occasions, including in the autumn.
"Evidently Wednesday represents a significant problem for EFL and a substantial concern for English football," the regulator explained.
"Wednesday stands as one of the iconic names for the English game and in recent days we have met fan representatives.
"Our aim is to acquire the ability... which will allow us to have Wednesday and comparable cases submitted for our review if they need to be investigated and dealt with."
The team's struggling chairman Dejphon Chansiri 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 potential new owners.
Failure to pay player wages on time in March and May resulted in restrictions being imposed by the English Football League (EFL) in mid-year, preventing the club from carrying out any player acquisitions for the following recruitment periods, although that restriction was lifted in August.
The chairman stated: "Our role exists to serve the supporters of Wednesday, teams facing challenges where people are committed to a local institution that has been part of their lives in multiple situations.
"I fully appreciate the team's plight, as I do for every team that in modern times have encountered failure, or been close to going to the wall, for causes separate from the fans themselves."
Questioned about whether the regulator could force an owner to sell a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the answer is once we gather the evidence and understand the situation, we will."
But the chairman emphasized that compelling proprietors to divest clubs would be treated as a "last resort" and the authority would rather to cooperate with proprietors.
"The final option we would consider is commence engagement with an specific team, an individual owner, without being able to work with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the chairman stated.
"But the truth is, when you examine the past of the sport, over the recent generations there have been some owners, a small minority, but particular people who have shown negligence in the approach they have taken toward their teams and eventually don't wish to take responsibility for the long-term prospects."
Owls fans have been protesting against the current proprietor this season
The chairman convened with officials from numerous teams to explain the responsibilities of the oversight body this week and stated it constituted a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.
"It's a job that's actually really important, because if errors are made, if the football community fails, the remarkable development accomplished could disappear incredibly quickly," Kogan said.
"And that's what nobody wants in the terms of English football is a huge success story - we need to continue the progress.
"Considerable investment flowing into the game and has been invested for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on challenges and obviously, of the immediate future."
Top flight officials resisted the formation of an authority because of fears of a negative impact on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the achievement and development as an economic entity of the Premier League.
"I of all people understand the worry about compromising the top flight as an elite competition of this country. But simultaneously, if you engage with division representatives after today's meeting, they would have had a significant degree of comfort -and, actually, they have been informing us confidentially they have a considerable comfort."
The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in the past.
The 68-year-old provided financial support for Culture Secretary the politician's campaign, along with that of the current Prime Minister.
"I've been completely open about my past party membership [with Labour], and that party membership ceased the day the official body endorsed my nomination," Kogan said.
"I am presently disconnected from any form of political activity."
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