'Our role is integral to football's future' - newly appointed regulator David Kogan
The Championship club's current difficulties represent a a "major concern" and the new football authority is aiming to acquire authority to investigate clubs in similar circumstances, its new chair the official has declared.
During an extensive discussion, the chairman, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.
Kogan met with four fan organizations representing the Championship side this week.
The football club have been struggling on and off the field in the current year, with the club failing to pay players on time on five separate occasions, including in last month.
"Obviously the club has become a serious issue for football authorities and a substantial concern for English football," Kogan told.
"Sheffield Wednesday is one of the historic institutions for English football and this week we have met fan representatives.
"Our aim is to acquire the ability... which will permit us to bring Sheffield Wednesday - and other clubs brought to our attention if they need to be investigated and addressed."
Monetary Issues and Proprietorship Status
The club's controversial proprietor the Thai businessman suggested earlier this year he would be willing to sell up at the stadium, but he has not been able to secure a deal with prospective buyers.
Delayed salary payments on time in spring months caused limitations by the football authorities in mid-year, preventing the club from carrying out any transfers or loans for the following recruitment periods, although that restriction was lifted in the end of the transfer window.
Authority's Position
The regulator explained: "The position was created for the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a regional establishment that has been part of their lives in multiple situations.
"I have absolute sympathy for the club's situation, as I do for every team that in modern times have encountered failure, or nearly ceased operations, for causes separate from the supporters."
Questioned about whether the oversight body could require an proprietor to divest a club if they are judged inappropriate, the regulator answered: "When asking whether 'would we intervene in the final instance?', the answer is once we assemble the facts and understand the situation, we will."
But the regulator clarified that requiring chairmen to relinquish clubs would be treated as a "last resort" and the regulator would prefer to collaborate with owners.
"Our least desirable course of action is commence engagement with an specific team, an particular chairman, without being able to work with that owner to try and resolve the challenges confronting the team and the chairman's encountering," the regulator explained.
"However, realistically, when you examine the past of the sport, over the recent generations there have been some owners, few in number, but some who have been irresponsible in the manner they have operated their teams and eventually don't wish to take responsibility for the future."
Wednesday followers have been voicing opposition to the current proprietor this season
'If we get it wrong, extraordinary progress vanishes'
Kogan met with officials from numerous teams to detail the scope of the authority recently and maintained it represented a "progressive gathering" with a "substantial involvement" from the National League to the Premier League.
"It's a job that's actually really important, because if errors are made, if the sport makes errors, the remarkable development accomplished might evaporate incredibly quickly," Kogan said.
"This represents everyone's worst fear in the realm of domestic football is a major achievement - we must maintain momentum.
"Considerable investment flowing into the game and has been channeled for the last 20 or 25 years, because there are no assurances it will persist in entering the game, which is part of the rationale behind I think we have to maintain a focused outlook on challenges and obviously, of the coming seasons."
Elite Division Worries
The Premier League opposed the creation of a regulator because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the achievement and development as an economic entity of the elite league.
"As someone who appreciates the worry about compromising the top flight as an elite competition of the nation. But concurrently, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a significant confidence."
Political Connections
The chairman continues to confront a "thorough examination" by the official appointments authority after he disclosed making donations to the Labour Party in the past.
The official contributed funds to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the government leader.
"I've been completely open about my previous political affiliation [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," Kogan said.
"I am presently disconnected from any type of partisan engagement."