'Our role is integral to football's future' - independent football regulator David Kogan
The team's current difficulties are seen as a "major concern" and the independent regulator is aiming to acquire authority to investigate clubs in comparable cases, the newly appointed chairman the regulator has stated.
In a wide-ranging interview, the chairman, who was recently selected, expressed "sympathy" towards supporters of the Owls.
Kogan met with four fan organizations associated with the South Yorkshire club in recent days.
The Championship side have been experiencing difficulties in multiple areas in the current year, with the club failing to pay players on time on several different times, including in September.
"Evidently Wednesday represents a serious issue for football authorities and a substantial concern for English football," Kogan told.
"Sheffield Wednesday is one of the historic institutions for the English game and in recent days we have met Sheffield Wednesday supporters' groups.
"We're now looking to get powers... which will enable us to take Sheffield Wednesday - and other clubs submitted for our review if they need to be investigated and dealt with."
Financial Struggles and Proprietorship Status
Wednesday's embattled owner the Thai businessman suggested earlier this year he would be willing to sell up at Hillsborough, but he has not been able to secure a deal with prospective buyers.
Delayed salary payments on time in March and May led to sanctions by the English Football League (EFL) in mid-year, blocking the team from conducting any player acquisitions for the following recruitment periods, although the ban was rescinded in late summer.
Authority's Position
The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, Bury or any football club where supporters are loyal to a regional establishment that has been part of their lives in multiple situations.
"I completely understand 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 causes separate from the supporters."
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 collect the information and comprehend the circumstances, we will."
But the regulator clarified that compelling proprietors to divest clubs would be viewed as the ultimate measure and the authority would rather to cooperate with proprietors.
"The final option we would consider is begin intervening in an individual club, an specific proprietor, without being in a position to cooperate with that owner to try and resolve the issues that the club's facing and the owner's facing," the regulator explained.
"But the truth is, when you look back over the history of the sport, over the past few decades there have been particular chairmen, few in number, but particular people who have shown negligence in the approach they have taken toward their teams and eventually don't wish to take responsibility for the future."
Owls fans have been voicing opposition to the current proprietor this season
'Mistakes could erase significant advances'
Kogan met with representatives from 110 clubs to explain the responsibilities of the authority recently and stated it constituted a "forward-thinking discussion" with a "substantial involvement" from the National League to the Premier League.
"This position carries substantial significance, because should mistakes occur, if the football community fails, the significant advances achieved might evaporate swiftly," the chairman stated.
"This represents everyone's worst fear in the terms of English football is a huge success story - 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 are no assurances it will keep flowing into the sport, which is part of the rationale behind I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."
Elite Division Worries
Top flight officials resisted the formation of an authority because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but the chairman responded: "I fully support the prosperity and expansion as an commercial operation of the elite league.
"I of all people understand the worry about compromising the Premier League as a premium product of the nation. But simultaneously, if you talk to the Premier League after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been informing us confidentially they have a considerable comfort."
Partisan Associations
The chairman continues to confront a "thorough examination" by the official appointments authority after he acknowledged providing funds to the political party in the past.
The 68-year-old donated money to Culture Secretary the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.
"I have fully disclosed my previous political affiliation [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.
"I currently have no participation in any type of partisan engagement."
