'Our role is integral to football's future' - football oversight chief David Kogan
The team's current difficulties represent a a "serious issue" and the independent regulator is aiming to acquire authority to look into club affairs in similar circumstances, the newly appointed chairman the official has stated.
During an extensive discussion, the regulator, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.
The regulator engaged with four supporters' associations representing the South Yorkshire club 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.
"Obviously the club has become a serious issue for football authorities and a major challenge for the sport," the regulator explained.
"The club represents one of the iconic names for English football and this week we have met Sheffield Wednesday supporters' groups.
"Our aim is to acquire the ability... which will allow us to have the club and similar situations referred to us if they need to be investigated and acted upon."
Financial Struggles and Leadership Concerns
The club's controversial proprietor the Thai businessman suggested earlier this year he would be open to selling the club at their home ground, but he has been unable to finalize an agreement with potential new owners.
Delayed salary payments on time in March and May resulted in restrictions being imposed by the league officials in mid-year, stopping Wednesday from completing any transfers or loans for the next three transfer windows, although the ban was rescinded in August.
Official's Viewpoint
The regulator explained: "The job [of the regulator] is there for the Owls followers, other clubs in similar situations where supporters are loyal to a local institution that has existed throughout their lifetimes in multiple situations.
"I completely understand the team's plight, as I do for all the clubs that over recent decades have faced collapse, or nearly ceased operations, for factors unrelated to the supporters."
Questioned about whether the oversight body could require an chairman to relinquish a club if they are considered unfit, Kogan said: "If your question is 'would we intervene in the final instance?', the answer is once we assemble the facts and comprehend the circumstances, we will."
But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to work with them.
"Our least desirable course of action is begin intervening in an individual club, an specific proprietor, without being in a position to cooperate with that chairman to fix the challenges confronting the team and the chairman's encountering," the chairman stated.
"However, realistically, when you review the record of the sport, over the last 20 or 30 years there have been some owners, a small minority, but particular people who have shown negligence in the manner they have operated their teams and eventually don't wish to take responsibility for the future."
Wednesday followers have been protesting against owner Dejphon Chansiri in recent months
'If we get it wrong, extraordinary progress vanishes'
Kogan met with officials from numerous teams to detail the scope of the regulator on Wednesday and insisted it was a "forward-thinking discussion" with a "significant participation" from the lower divisions to the top flight.
"This position carries substantial significance, because if errors are made, if the football community fails, the extraordinary progress that's been made might evaporate rapidly," 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.
"Considerable investment flowing into the game and has been channeled for the recent generations, because certainty is lacking it will keep flowing into the sport, which is among the factors explaining I think we have to maintain a focused outlook on risk and of course, of the coming seasons."
Top Flight Apprehensions
Elite division representatives objected to the formation of an authority because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the chairman responded: "I'm absolutely committed to the achievement and development as an commercial operation of the top division.
"Being fully aware of the concern of undermining the division as a high-quality offering of the nation. But at the same time, if you engage with division representatives after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been informing us confidentially they have a considerable comfort."
Political Connections
Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in the past.
The 68-year-old donated money to Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the current Prime Minister.
"I have fully disclosed my former ideological connection [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the chairman stated.
"I currently have no participation in any form of political activity."
