'We will play a key role in football's future' - newly appointed regulator David Kogan
The team's current difficulties constitute a "major concern" and the new football authority is aiming to acquire authority to examine team situations in comparable cases, the newly appointed chairman the regulator has stated.
In a wide-ranging interview, the regulator, who was appointed on Monday, showed understanding towards Wednesday's fanbase.
The regulator engaged with four supporters' associations representing the football team this week.
The Championship side have been struggling on and off the field 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 substantial concern for English football," 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're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they warrant scrutiny and addressed."
Financial Struggles and Leadership Concerns
The team's struggling chairman the Thai businessman suggested earlier this year he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with potential new owners.
Delayed salary payments on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in mid-year, blocking the team from conducting any transfers or loans for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.
Official's Viewpoint
The chairman stated: "Our role exists to serve the Owls followers, other clubs in similar situations where people are committed to a local institution that has represented their community in many cases.
"I have absolute sympathy for the team's plight, as I do for all the clubs that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the fans themselves."
When asked if the regulator could force an proprietor to divest a club if they are considered unfit, the chairman responded: "When asking whether 'would we intervene in the final instance?', the reply is once we assemble the facts and comprehend the circumstances, we will."
But the regulator clarified that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.
"The final option we would consider is begin intervening in an specific team, an particular chairman, without being able to work with that chairman to fix the issues that the club's facing and the chairman's encountering," Kogan said.
"In actuality, when you review the record of football, over the past few decades there have been certain proprietors, few in number, but certain individuals who have acted carelessly in the manner they have operated their teams and eventually don't wish to take responsibility for the long-term prospects."
Owls fans have been demonstrating against the current proprietor during the current campaign
'Mistakes could erase significant advances'
The regulator engaged representatives from 110 clubs to explain the responsibilities of the authority recently and maintained it represented a "forward-thinking discussion" with a "significant participation" from the grassroots to elite level.
"It's a job that's actually really important, because if errors are made, if the world of football gets it wrong, the significant advances achieved might evaporate incredibly quickly," the chairman stated.
"Such an outcome is universally undesirable in the context of the English game is a major achievement - we must maintain momentum.
"Substantial financial resources entering the sport and has been channeled for the past two decades, because certainty is lacking it will continue to come into football, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the coming seasons."
Premier League Concerns
Top flight officials resisted the formation of an authority because of concerns about detrimental effects on the elite division's competitive balance, but Kogan said: "I completely endorse the achievement and development as an economic entity of the Premier League.
"Being fully aware of the apprehension regarding damaging the top flight as an elite competition of the nation. But simultaneously, if you engage with division representatives after today's meeting, they would have had a high level of reassurance -and, indeed, they have been advising us privately they have a high level of reassurance."
Partisan Associations
The chairman continues to confront a "full inquiry" by the Commissioner for Public Appointments after he acknowledged providing funds to the opposition group in recent years.
The official donated money to Secretary of State for Culture, Media and Sport 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 select committee approved my appointment," the regulator explained.
"I am no longer involved in any form of political activity."
