'We are going to be a part of football's future' - football oversight chief David Kogan
The team's persistent issues represent a a "significant problem" and the new football authority is seeking powers to examine team situations in similar circumstances, the newly appointed chairman the official has declared.
In a wide-ranging interview, Kogan, who was recently selected, expressed "sympathy" towards Wednesday's fanbase.
The regulator engaged with four supporter groups associated with the football team this week.
The Championship side have been facing challenges both on and off the pitch in this season, with the club missing wage payments on multiple instances, including in the autumn.
"Evidently Wednesday represents a serious issue for football authorities and a substantial concern for English football," Kogan told.
"The club represents one of the historic institutions for the English game and this week we have met supporters' organizations.
"Our aim is to acquire the ability... which will enable us to take the club and similar situations brought to our attention if they warrant scrutiny and addressed."
Financial Struggles and Proprietorship Status
The club's controversial proprietor the Thai businessman stated during the off-season he would be willing to sell up 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 football authorities in summer, preventing the club from carrying out any transfers or loans for the next three transfer windows, although that restriction was lifted in late summer.
Regulator's Perspective
The chairman stated: "The job [of the regulator] is there for the Owls followers, teams facing challenges where supporters are loyal to a local institution that has existed throughout their lifetimes in many cases.
"I completely understand Sheffield Wednesday, as I do for every team that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the followers."
Inquired if the regulator could force an owner to sell a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the answer is once we gather the evidence and comprehend the circumstances, we will."
But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the authority would rather to work with them.
"The last thing what we want to do is commence engagement with an particular organization, an specific proprietor, without having the opportunity to collaborate with that chairman to fix the issues that the club's facing and the owner's facing," Kogan said.
"However, realistically, when you examine the past of the game, over the past few decades there have been certain proprietors, a small minority, but some who have been irresponsible in the way which they've been managing their organizations and finally refuse to accept accountability for the future."
Sheffield Wednesday supporters have been voicing opposition to the team's chairman in recent months
'If we get it wrong, extraordinary progress vanishes'
The regulator engaged officials from numerous teams to detail the scope 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 errors are made, if the world of football gets it wrong, the extraordinary progress that's been made necessary will vanish rapidly," Kogan said.
"And that's what nobody wants in the context of the English game is a huge success story - we've got to keep it going.
"Substantial financial resources entering the sport and has been invested for the recent generations, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the next two or three years."
Premier League Concerns
Elite division representatives objected to the creation of a regulator because of fears of a negative impact on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the prosperity and expansion as an economic entity of the Premier League.
"Being fully aware of the concern of undermining the top flight as an elite competition of England. But simultaneously, if you engage with division representatives after today's meeting, they would have had a high level of reassurance -and, in fact, they have been informing us confidentially they have a considerable comfort."
Ideological Links
The chairman continues to confront a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the political party in the past.
The official contributed funds to government minister the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.
"I have been entirely transparent regarding my former ideological connection [with Labour], and that party membership ceased the day the official body endorsed my nomination," the regulator explained.
"I am presently disconnected from any type of partisan engagement."
