'Our role is integral to football's future' - football oversight chief David Kogan
The team's persistent issues represent a a "major concern" and the new football authority is seeking powers to look into club affairs in similar circumstances, the recently named head the regulator has stated.
In a wide-ranging interview, Kogan, who was named to the position this week, expressed "sympathy" towards the club's followers.
The chairman convened with four supporters' associations representing the football team recently.
The Championship side have been facing challenges both on and off the pitch in the current year, with the club missing wage payments on several different times, including in September.
"Evidently Wednesday represents a significant problem for EFL and a significant problem for football," the regulator explained.
"The club represents one of the historic institutions for English football and this week we have met supporters' organizations.
"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases brought to our attention if they require examination and addressed."
Financial Struggles and Ownership Situation
The team's struggling chairman the current owner suggested earlier this year he would be willing to sell up at Hillsborough, but he has failed to complete a sale with interested parties.
Failure to pay player wages on time in earlier this year caused limitations by the league officials in summer, blocking the team from conducting any player acquisitions for the subsequent signing windows, although the ban was rescinded in August.
Regulator's Perspective
Kogan said: "The position was created for the Owls followers, Bury or any football club 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 all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for causes separate from the fans themselves."
Questioned about whether the authority might compel an chairman to relinquish a club if they are deemed unsuitable, the regulator answered: "If your question is 'would we intervene in the final instance?', the response would be once we assemble the facts and know what's going on, we will."
But the chairman emphasized that compelling proprietors to divest clubs would be considered the final option and the authority would rather to collaborate with owners.
"The last thing what we want to do is begin intervening in an particular organization, an particular chairman, without being able to work with that owner to try and resolve the problems affecting the organization and the owner's facing," the chairman stated.
"In actuality, when you look back over the history of the sport, over the past few decades there have been particular chairmen, few in number, but some who have been irresponsible in the approach they have taken toward their organizations and finally refuse to accept accountability for the future."
Sheffield Wednesday supporters have been demonstrating against owner Dejphon Chansiri this season
'If we get it wrong, extraordinary progress vanishes'
The regulator engaged representatives from 110 clubs to lay out the remit of the oversight body this week and insisted it was a "forward-thinking discussion" with a "significant participation" from the National League to the Premier League.
"The role holds considerable importance, because if we get it wrong, if the football community fails, the significant advances achieved necessary will vanish incredibly quickly," the chairman stated.
"Such an outcome is universally undesirable in the terms of English football is a huge success story - we've got to keep it going.
"Substantial financial resources flowing into the game and has come into football for the past two decades, because there's no guarantee it will persist in entering the game, 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."
Top Flight Apprehensions
Elite division representatives objected to the creation of a regulator because of fears of a negative impact on the Premier League's sporting equality, but the chairman responded: "I'm absolutely committed to the prosperity and expansion as an economic entity of the elite league.
"Being fully aware of the apprehension regarding damaging the division as a high-quality offering of this country. But simultaneously, if you engage with division representatives after this week's discussion, they would have had a high level of reassurance -and, actually, they have been informing us confidentially they have a considerable comfort."
Partisan Associations
The regulator remains subject to a "thorough examination" by the public appointments commissioner after he acknowledged providing funds to the Labour Party in recent years.
The chairman contributed funds to Culture Secretary the minister's leadership bid, along with that of the government leader.
"I've been completely open about my former ideological connection [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," Kogan said.
"I am presently disconnected from any type of partisan engagement."
