'We are going to be a part of football's future' - independent football regulator the regulator's chair
The team's current difficulties are seen as a "major concern" and the football regulator is seeking powers to look into club affairs in such situations, the recently named head David Kogan has announced.
In a wide-ranging interview, the chairman, who was recently selected, voiced concern towards Wednesday's fanbase.
Kogan met with four supporters' associations representing the South Yorkshire club this week.
The team have been struggling on and off the field in the current year, with the club delaying salary disbursements on several different times, including in the autumn.
"Clearly Sheffield Wednesday has been a major concern for the league and a significant problem for football," the regulator explained.
"Sheffield Wednesday is one of the iconic names for English football and recently we have met Sheffield Wednesday supporters' groups.
"We are seeking authority... which will permit us to bring Sheffield Wednesday - and other clubs brought to our attention if they need to be investigated and addressed."
Financial Struggles and Proprietorship Status
Wednesday's embattled owner 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 interested parties.
Delayed salary payments on time in March and May led to sanctions by the English Football League (EFL) in mid-year, preventing the club from carrying out any transfers or loans for the next three transfer windows, although that restriction was lifted in the end of the transfer window.
Official's Viewpoint
The regulator explained: "Our role exists to serve the fans of Sheffield Wednesday, teams facing challenges where fans are dedicated to a regional establishment that has existed throughout their lifetimes in many cases.
"I have absolute sympathy for Sheffield Wednesday, as I do for all the clubs that in modern times have encountered failure, or been close to going to the wall, for factors unrelated to the fans themselves."
When asked if the regulator could force an owner to sell a club if they are deemed unsuitable, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we assemble the facts and understand the situation, we will."
But the chairman emphasized that requiring chairmen to relinquish clubs would be treated as a "last resort" and the regulator would prefer to work with them.
"The last thing what we want to do is start getting involved with an individual club, an particular chairman, without being in a position to cooperate with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the regulator explained.
"In actuality, when you examine the past of football, over the recent generations there have been certain proprietors, not many, but some who have been irresponsible in the manner they have operated their organizations and finally don't wish to take responsibility for the long-term prospects."
Owls fans have been voicing opposition to the team's chairman this season
'Mistakes could erase significant advances'
The chairman convened with officials from numerous teams to lay out the remit of the regulator on Wednesday and stated it constituted a "forward-thinking discussion" with a "high level of engagement" from the National League to the Premier League.
"This position carries substantial significance, because if errors are made, if the sport makes errors, the significant advances achieved could disappear rapidly," the regulator warned.
"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.
"Considerable investment coming into football and has been channeled for the past two decades, because certainty is lacking it will continue to come into football, which is part of the rationale behind I think we have to maintain a focused outlook on challenges and obviously, of the next two or three years."
Top Flight Apprehensions
Top flight officials resisted the establishment of an oversight body because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the chairman responded: "I fully support the achievement and development as an commercial operation 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 the recent gathering, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a significant confidence."
Partisan Associations
Kogan is still facing a "comprehensive investigation" by the official appointments authority after he revealed he contributed money to the opposition group in the past.
The official donated money to Culture Secretary the minister's leadership bid, along with that of the government leader.
"I have been entirely transparent regarding my previous political affiliation [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the regulator explained.
"I am presently disconnected from any type of partisan engagement."
