'Our role is integral to football's future' - football oversight chief David Kogan
The Championship club's ongoing struggles represent a 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 stated.
During an extensive discussion, Kogan, who was named to the position this week, expressed "sympathy" towards the club's followers.
The chairman convened with four supporters' associations connected to the South Yorkshire club in recent days.
The football club have been facing challenges both on and off the pitch in this season, with the club delaying salary disbursements on several different times, including in September.
"Obviously the club has become a serious issue for football authorities and a major challenge for the sport," the regulator explained.
"Wednesday stands as one of the historic institutions for the English game and in recent days we have met supporters' organizations.
"Our aim is to acquire the ability... which will allow us to have Wednesday and comparable cases brought to our attention if they warrant scrutiny and dealt with."
Monetary Issues and Proprietorship Status
Wednesday's embattled owner the Thai businessman indicated in the summer he would be open to selling the club 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 caused limitations by the league officials in mid-year, blocking the team from conducting any player acquisitions for the following recruitment periods, although the ban was rescinded in August.
Official's Viewpoint
The regulator explained: "The position was created for the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a community organization that has been part of their lives in multiple situations.
"I completely understand the team's plight, as I do for every team that in modern times have encountered failure, or approached financial ruin, for causes separate from the supporters."
Questioned about whether the authority might compel an proprietor to divest a club if they are considered unfit, the chairman responded: "If your question is 'would we intervene in the final instance?', the reply is 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 oversight body would choose to work with them.
"Our least desirable course of action is start getting involved with an particular organization, an individual owner, without being able to work with that proprietor to address the challenges confronting the team and the proprietor's dealing with," Kogan said.
"However, realistically, when you review the record of football, over the last 20 or 30 years there have been certain proprietors, few in number, but particular people who have shown negligence in the manner they have operated their organizations and finally decline to assume obligation for the coming years."
Owls fans have been demonstrating against the team's chairman in recent months
'If we get it wrong, extraordinary progress vanishes'
Kogan met with delegates from multiple organizations to detail the scope of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.
"It's a job that's actually really important, because should mistakes occur, if the football community fails, the extraordinary progress that's been made necessary will vanish rapidly," the chairman stated.
"Such an outcome is universally undesirable in the realm of domestic football is a huge success story - we must maintain momentum.
"Considerable investment entering the sport and has been invested for the recent generations, because there's no guarantee it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the next two or three years."
Premier League Concerns
Elite division representatives objected to the formation of an authority because of concerns about detrimental effects on the top-flight's competitiveness, but Kogan said: "I fully support the success and growth as an economic entity of the elite league.
"I of all people understand the apprehension regarding damaging the Premier League as a premium product of England. But simultaneously, if you talk to the Premier League after the recent gathering, they would have had a high level of reassurance -and, in fact, they have been telling us in private they have a high level of reassurance."
Partisan Associations
The regulator remains subject to a "full inquiry" by the Commissioner for Public Appointments after he acknowledged providing funds to the opposition group in the past.
The 68-year-old donated money to Culture Secretary the politician's campaign, along with that of the current Prime Minister.
"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," Kogan said.
"I am presently disconnected from any type of partisan engagement."
