'Our role is integral to football's future' - football oversight chief the new chairman
The team's current difficulties constitute a "significant problem" and the independent regulator is seeking powers to look into club affairs in similar circumstances, the newly appointed chairman the regulator has declared.
During an extensive discussion, Kogan, who was named to the position this week, expressed "sympathy" towards Wednesday's fanbase.
The regulator engaged with four supporters' associations associated with the football team this week.
The Championship side have been experiencing difficulties in multiple areas in this season, with the club missing wage payments on several different times, including in last month.
"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," Kogan told.
"Wednesday stands as one of the great brands for football in England and this week we have met Sheffield Wednesday supporters' groups.
"We are seeking authority... which will permit us to bring Wednesday and comparable cases referred to us if they warrant scrutiny and addressed."
Monetary Issues and Leadership Concerns
The club's controversial proprietor the current owner suggested earlier this year he would be prepared to relinquish control at Hillsborough, but he has not been able to secure a deal with prospective buyers.
Missed wage deadlines on time in March and May led to sanctions by the league officials in June, stopping Wednesday from completing any transfers or loans for the next three transfer windows, although those limitations were removed in late summer.
Authority's Position
Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, other clubs in similar situations where supporters are loyal to a community organization that has been part of their lives in many cases.
"I completely understand Sheffield Wednesday, as I do for every team that since 1992 have gone to the wall, or been close to going to the wall, for factors unrelated to the followers."
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 response would be once we collect the information and comprehend the circumstances, we will."
But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to work with them.
"Our least desirable course of action is begin intervening in an particular organization, an specific proprietor, without being able to work with that proprietor to address the challenges confronting the team and the chairman's encountering," the regulator explained.
"But the truth is, when you look back over the history of the sport, over the past few decades there have been certain proprietors, not many, but particular people who have shown negligence in the manner they have operated their clubs and ultimately decline to assume obligation for the long-term prospects."
Sheffield Wednesday supporters have been demonstrating against the team's chairman this season
'Errors may undo substantial development'
Kogan met with officials from numerous teams to lay out the remit of the regulator on Wednesday and stated it constituted a "proactive meeting" 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 extraordinary progress that's been made might evaporate incredibly quickly," the chairman stated.
"This represents everyone's worst fear in the context of the English game is a huge success story - we need to continue the progress.
"Substantial financial resources entering the sport and has come into football for the past two decades, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."
Premier League Concerns
The Premier League opposed the creation of a regulator because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I fully support the success and growth as an economic entity of the Premier League.
"Being fully aware of the worry about compromising the division as a high-quality offering of the nation. But simultaneously, if you talk to the Premier League after the recent gathering, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a high level of reassurance."
Political Connections
The chairman continues to confront a "thorough examination" by the Commissioner for Public Appointments after he disclosed making donations to the political party in the past.
The chairman contributed funds to Culture Secretary the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.
"I've been completely open about my former ideological connection [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the chairman stated.
"I am no longer involved in any type of partisan engagement."