'We will play a key role in football's future' - independent football regulator David Kogan
The Championship club's ongoing struggles are seen as a "serious issue" and the new football authority is seeking powers to look into club affairs in comparable cases, the recently named head the official has announced.
Through a comprehensive talk, the chairman, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.
The regulator engaged with four fan organizations associated with the South Yorkshire club this week.
The Championship side have been facing challenges both on and off the pitch in the current year, with the club delaying salary disbursements on five separate occasions, including in September.
"Evidently Wednesday represents a significant problem for EFL and a major challenge for the sport," the regulator explained.
"Wednesday stands as one of the iconic names for the English game and in recent days we have met Sheffield Wednesday supporters' groups.
"We are seeking authority... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they need to be investigated and dealt with."
Economic Challenges and Leadership Concerns
The club's controversial proprietor the current owner suggested earlier this year he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with prospective buyers.
Delayed salary payments on time in earlier this year resulted in restrictions being imposed by the football authorities in mid-year, preventing the club from carrying out any recruitment activities for the following recruitment periods, although that restriction was lifted in the end of the transfer window.
Official's Viewpoint
The chairman stated: "The job [of the regulator] is there for the Owls followers, teams facing challenges where fans are dedicated to a community organization that has represented their community in numerous instances.
"I fully appreciate the team's plight, as I do for each organization that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the supporters."
Inquired if the regulator could force an chairman to relinquish a club if they are judged inappropriate, the regulator answered: "When asking whether 'would we intervene in the final instance?', the response would be once we gather the evidence and understand the situation, we will."
But Kogan stressed that forcing owners to sell clubs would be considered the final option and the oversight body would choose to cooperate with proprietors.
"The last thing what we want to do is begin intervening in an particular organization, an particular chairman, without being in a position to cooperate with that proprietor to address the problems affecting the organization and the owner's facing," the regulator explained.
"But the truth is, when you look back over the history of the sport, over the past few decades there have been some owners, a small minority, but particular people who have shown negligence in the approach they have taken toward their clubs and ultimately refuse to accept accountability for the coming years."
Owls fans have been demonstrating against owner Dejphon Chansiri during the current campaign
'If we get it wrong, extraordinary progress vanishes'
The chairman convened with representatives from 110 clubs to lay out the remit of the regulator on Wednesday and maintained it represented a "proactive meeting" with a "significant participation" 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 significant advances achieved necessary will vanish rapidly," Kogan said.
"And that's what nobody wants 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 been invested for the last 20 or 25 years, 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 potential dangers and naturally, of the next two or three years."
Premier League Concerns
Top flight officials resisted the establishment of an oversight body because of fears of a negative impact on the elite division's competitive balance, but the regulator stated: "I fully support the success and growth as an economic entity of the top division.
"As someone who appreciates the concern of undermining the top flight as an elite competition of this country. But simultaneously, if you consult with top flight officials 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 high level of reassurance."
Partisan Associations
Kogan is still facing a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the Labour Party in recent years.
The official provided financial support for Secretary of State for Culture, Media and Sport the minister's leadership bid, along with that of the current Prime Minister.
"I have been entirely transparent regarding my previous political affiliation [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.
"I currently have no participation in any type of partisan engagement."
