'Our role is integral to football's future' - football oversight chief David Kogan
The team's current difficulties represent a a "major concern" and the independent regulator is seeking powers to examine team situations in similar circumstances, the newly appointed chairman the official has announced.
During an extensive discussion, the chairman, who was appointed on Monday, showed understanding towards supporters of the Owls.
The chairman convened with four supporters' associations connected to the South Yorkshire club recently.
The football club have been facing challenges both on and off the pitch in this season, with the club failing to pay players on time on five separate occasions, including in the autumn.
"Clearly Sheffield Wednesday has been a serious issue for football authorities and a significant problem for football," the regulator explained.
"Sheffield Wednesday is one of the historic institutions for the English game and in recent days we have met supporters' organizations.
"Our aim is to acquire the ability... which will enable us to take the club and similar situations referred to us if they require examination and addressed."
Economic Challenges and Proprietorship Status
The club's controversial proprietor the current owner indicated in the summer he would be prepared to relinquish control at Hillsborough, but he has not been able to secure a deal with prospective buyers.
Missed wage deadlines on time in spring months caused limitations by the league officials in summer, blocking the team from conducting any recruitment activities for the subsequent signing windows, although those limitations were removed in August.
Authority's Position
Kogan said: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where people are committed to a regional establishment that has been part of their lives in many cases.
"I completely understand Sheffield Wednesday, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for causes separate from the supporters."
Inquired if the oversight body could require an owner to sell a club if they are considered unfit, the chairman responded: "If your question is 'would we intervene in the final instance?', the response would be once we assemble the facts and know what's going on, we will."
But Kogan stressed that forcing owners to sell clubs would be treated as a "last resort" and the oversight body would choose to collaborate with owners.
"Our least desirable course of action is start getting involved with an particular organization, an individual owner, without being able to work with that chairman to fix the problems affecting the organization and the owner's facing," the chairman stated.
"However, realistically, when you review the record of the sport, over the recent generations there have been some owners, a small minority, but some who have been irresponsible in the manner they have operated their clubs and ultimately don't wish to take responsibility for the coming years."
Sheffield Wednesday supporters have been protesting against the current proprietor in recent months
'If we get it wrong, extraordinary progress vanishes'
The chairman convened with officials from numerous teams to detail the scope of the authority recently and maintained it represented a "proactive meeting" with a "high level of engagement" from the lower divisions to the top flight.
"It's a job that's actually really important, because if we get it wrong, if the sport makes errors, the remarkable development accomplished could disappear rapidly," Kogan said.
"Such an outcome is universally undesirable in the realm of domestic football is a major achievement - we've got to keep it going.
"Substantial financial resources flowing into the game and has been channeled for the past two decades, because there's no guarantee it will continue to come into football, which is one of the reasons why I think we have to take a really clear view on challenges and obviously, of the immediate future."
Elite Division Worries
Elite division representatives objected to the establishment of an oversight body because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I fully support the prosperity and expansion as an economic entity of the top division.
"As someone who appreciates the worry about compromising the Premier League as a premium product of this country. But at the same time, if you engage with division representatives after the recent gathering, they would have had a significant degree of comfort -and, actually, they have been advising us privately they have a high level of reassurance."
Ideological Links
Kogan is still facing a "thorough examination" by the official appointments authority after he revealed he contributed money to the opposition group in recent years.
The chairman donated money to government minister the minister's leadership bid, along with that of the current Prime Minister.
"I have fully disclosed my previous political affiliation [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the regulator explained.
"I currently have no participation in any type of partisan engagement."
