'We are going to be a part of football's future' - independent football regulator David Kogan
The team's current difficulties are seen as a "serious issue" and the independent regulator is seeking powers to examine team situations in such situations, the newly appointed chairman the regulator has announced.
During an extensive discussion, the chairman, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.
Kogan met with four supporters' associations representing the South Yorkshire club in recent days.
The football club have been struggling on and off the field in this season, with the club failing to pay players on time on five separate occasions, including in September.
"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 iconic names for football in England and this week we have met fan representatives.
"Our aim is to acquire the ability... which will enable us to take Sheffield Wednesday - and other clubs brought to our attention if they require examination and addressed."
Financial Struggles and Proprietorship Status
Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be prepared to relinquish control at the stadium, but he has been unable to finalize an agreement with prospective buyers.
Delayed salary payments on time in March and May resulted in restrictions being imposed by the football authorities in summer, stopping Wednesday from completing any player acquisitions for the subsequent signing windows, although those limitations were removed in the end of the transfer window.
Official's Viewpoint
Kogan said: "The position was created for the fans of Sheffield Wednesday, teams facing challenges where supporters are loyal to a regional establishment that has represented their community in multiple situations.
"I completely understand Sheffield Wednesday, as I do for all the clubs that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the supporters."
Questioned about whether the regulator could force an proprietor to divest a club if they are deemed unsuitable, Kogan said: "If your question is 'would we intervene in the final instance?', the response would be once we gather the evidence and know what's going on, we will."
But the regulator clarified that forcing owners to sell clubs would be treated as a "last resort" and the authority would rather to work with them.
"Our least desirable course of action is start getting involved with an particular organization, an individual owner, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the chairman's encountering," the regulator explained.
"In actuality, when you examine the past 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 don't wish to take responsibility for the future."
Sheffield Wednesday supporters have been protesting against the team's chairman during the current campaign
'Mistakes could erase significant advances'
The regulator engaged officials from numerous teams to lay out the remit of the regulator on Wednesday and insisted it was a "progressive gathering" with a "high level of engagement" from the lower divisions to the top flight.
"It's a job that's actually really important, because should mistakes occur, if the football community fails, the extraordinary progress that's been made could disappear swiftly," the regulator warned.
"This represents everyone's worst fear in the terms of English football is a substantial accomplishment - we need to continue the progress.
"There's an enormous amount of money coming into football and has come into football 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 adopt a precise perspective on challenges and obviously, of the immediate future."
Elite Division Worries
Top flight officials resisted the establishment of an oversight body because of apprehensions regarding adverse consequences on the elite division's competitive balance, but the regulator stated: "I fully support the achievement and development as an financial organization of the elite league.
"As someone who appreciates the concern of undermining the top flight as an elite competition of England. But at the same time, if you consult with top flight officials after this week's discussion, they would have had a high level of reassurance -and, indeed, they have been informing us confidentially they have a significant confidence."
Political Connections
The regulator remains subject to a "full inquiry" by the official appointments authority after he disclosed making donations to the opposition group in recent years.
The official donated money to Secretary of State for Culture, Media and Sport Lisa Nandy's leadership campaign, along with that of the current Prime Minister.
"I've been completely open about my previous political affiliation [with Labour], and that party membership ceased the day the official body endorsed my nomination," the regulator explained.
"I am no longer involved in any type of partisan engagement."
