'We are going to be a part of football's future' - independent football regulator the new chairman
The team's persistent issues are seen as a "significant problem" and the football regulator is seeking powers to investigate clubs in comparable cases, its new chair the official has announced.
In a wide-ranging interview, the chairman, who was recently selected, showed understanding towards Wednesday's fanbase.
The regulator engaged with four supporter groups connected to the Championship side this week.
The Championship side have been struggling on and off the field in this season, with the club failing to pay players on time on five separate occasions, including in the autumn.
"Clearly Sheffield Wednesday has been a significant problem for EFL and a significant problem for football," the regulator explained.
"Sheffield Wednesday is one of the historic institutions for football in England and this week we have met Sheffield Wednesday supporters' groups.
"Our aim is to acquire the ability... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they need to be investigated and acted upon."
The team's struggling chairman the Thai businessman indicated in the summer he would be open to selling the club at their home ground, but he has not been able to secure a deal with prospective buyers.
Failure to pay player wages on time in spring months resulted in restrictions being imposed by the English Football League (EFL) in mid-year, blocking the team from conducting any player acquisitions for the following recruitment periods, although the ban was rescinded in August.
Kogan said: "The position was created for the supporters of Wednesday, teams facing challenges where supporters are loyal to a community organization that has represented their community in many cases.
"I have absolute sympathy for Sheffield Wednesday, as I do for all the clubs that in modern times have encountered failure, or been close to going to the wall, for reasons that have nothing to do with the followers."
Questioned about whether the authority might compel an chairman to relinquish a club if they are judged inappropriate, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we assemble the facts and comprehend the circumstances, we will."
But Kogan stressed that forcing owners to sell clubs would be considered the final option and the regulator would prefer to collaborate with owners.
"The last thing what we want to do is begin intervening in an individual club, an particular chairman, without having the opportunity to collaborate with that chairman to fix the challenges confronting the team and the chairman's encountering," Kogan said.
"But the truth is, when you examine the past of the game, over the recent generations there have been particular chairmen, a small minority, but some who have been irresponsible in the way which they've been managing their teams and eventually refuse to accept accountability for the coming years."
Wednesday followers have been demonstrating against the current proprietor during the current campaign
Kogan met with representatives from 110 clubs to lay out the remit of the authority recently and maintained it represented a "progressive gathering" with a "high level of engagement" from the lower divisions to the top flight.
"It's a job that's actually really important, because should mistakes occur, if the world of football gets it wrong, the extraordinary progress that's been made could disappear incredibly quickly," Kogan said.
"This represents everyone's worst fear in the context of the English game is a huge success story - we've got to keep it going.
"There's an enormous amount of money flowing into the game and has been channeled for the past two decades, because there's no guarantee it will persist in entering the game, which is part of the rationale behind I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."
Elite division representatives objected to the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I fully support the success and growth as an financial organization of the elite league.
"Being fully aware of the concern of undermining the top flight as an elite competition of the nation. But simultaneously, if you talk to the Premier League after today's meeting, they would have had a high level of reassurance -and, actually, they have been telling us in private they have a considerable comfort."
Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he acknowledged providing funds to the opposition group in recent years.
The 68-year-old contributed funds to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the government leader.
"I have been entirely transparent regarding my previous political affiliation [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," Kogan said.
"I am presently disconnected from any form of political activity."