'Our role is integral to football's future' - newly appointed regulator David Kogan
The team's persistent issues represent a a "significant problem" and the football regulator is seeking powers to investigate clubs in similar circumstances, the recently named head the regulator has declared.
In a wide-ranging interview, Kogan, who was named to the position this week, expressed "sympathy" towards the club's followers.
The chairman convened with four supporters' associations associated with the Championship side 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 multiple instances, including in the autumn.
"Obviously the club has become a major concern for the league and a substantial concern for English football," the chairman stated.
"Wednesday stands as one of the historic institutions for English football and recently we have met fan representatives.
"We are seeking authority... which will permit us to bring the club and similar situations brought to our attention if they require examination and acted upon."
Monetary Issues and Proprietorship Status
Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be willing to sell up at the stadium, but he has been unable to finalize an agreement with prospective buyers.
Missed wage deadlines on time in March and May led to sanctions by the English Football League (EFL) in mid-year, blocking the team from conducting any recruitment activities for the next three transfer windows, although that restriction was lifted in late summer.
Official's Viewpoint
Kogan said: "The position was created for the fans of Sheffield Wednesday, other clubs in similar situations where people are committed to a local institution that has been part of their lives in many cases.
"I fully appreciate the club's situation, as I do for each organization that over recent decades have faced collapse, or nearly ceased operations, for factors unrelated to the followers."
Questioned about whether the regulator could force an proprietor to divest a club if they are deemed unsuitable, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we assemble the facts and comprehend the circumstances, we will."
But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the oversight body would choose to collaborate with owners.
"Our least desirable course of action is start getting involved with an specific team, an specific proprietor, without being in a position to cooperate with that proprietor to address the issues that the club's facing and the proprietor's dealing with," Kogan said.
"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 way which they've been managing their teams and eventually refuse to accept accountability for the long-term prospects."
Owls fans have been voicing opposition to owner Dejphon Chansiri this season
'If we get it wrong, extraordinary progress vanishes'
The chairman convened with delegates from multiple organizations to lay out the remit of the oversight body this week and maintained it represented a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.
"The role holds considerable importance, because if we get it wrong, if the football community fails, the extraordinary progress that's been made might evaporate swiftly," the regulator warned.
"This represents everyone's worst fear in the terms of English football is a major achievement - we've got to keep it going.
"Substantial financial resources entering the sport and has been channeled for the recent generations, because there's no guarantee it will persist in entering the game, which is one of the reasons why I think we have to adopt a precise perspective on risk and of course, of the next two or three years."
Premier League Concerns
Elite division representatives objected to the creation of a regulator because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the regulator stated: "I completely endorse the prosperity and expansion as an economic entity of the top division.
"As someone who appreciates the worry about compromising the division as a high-quality offering of the nation. But at the same time, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been telling us in private they have a considerable comfort."
Partisan Associations
The regulator remains subject to a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the Labour Party in the past.
The official provided financial support for government minister the minister's leadership bid, along with that of the current Prime Minister.
"I've been completely open about my past party membership [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the regulator explained.
"I am presently disconnected from any type of partisan engagement."
