'Our role is integral to football's future' - football oversight chief David Kogan
The team's persistent issues represent a a "serious issue" and the independent regulator is seeking powers to examine team situations in similar circumstances, its new chair the regulator has stated.
In a wide-ranging interview, the chairman, who was named to the position this week, voiced concern towards Wednesday's fanbase.
The chairman convened with four supporters' associations representing the Championship side in recent days.
The Championship side have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on several different times, including in the autumn.
"Obviously the club has become a major concern for the league and a major challenge for the sport," the regulator explained.
"Wednesday stands as one of the iconic names for English football and in recent days we have met supporters' organizations.
"Our aim is to acquire the ability... which will permit us to bring Sheffield Wednesday - and other clubs brought to our attention if they need to be investigated and dealt with."
Financial Struggles and Proprietorship Status
The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be open to selling the club at the stadium, but he has failed to complete a sale with prospective buyers.
Failure to pay player wages on time in March and May resulted in restrictions being imposed by the league officials in summer, stopping Wednesday from completing any player acquisitions for the following recruitment periods, although that restriction was lifted in the end of the transfer window.
Official's Viewpoint
Kogan said: "The job [of the regulator] is there for the fans of Sheffield Wednesday, teams facing challenges where supporters are loyal to a community organization that has existed throughout their lifetimes in numerous instances.
"I completely understand the team's plight, as I do for all the clubs that over recent decades have faced collapse, or been close to going to the wall, for causes separate from the fans themselves."
Questioned about whether the oversight body could require an proprietor to divest a club if they are considered unfit, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we assemble the facts and know what's going on, we will."
But the chairman emphasized that compelling proprietors to divest clubs would be viewed as the ultimate measure and the authority would rather to collaborate with owners.
"The last thing what we want to do is start getting involved with an individual club, an particular chairman, without being able to work with that chairman to fix the problems affecting the organization and the owner's facing," Kogan said.
"But the truth is, when you review the record of football, over the last 20 or 30 years there have been some owners, not many, but some who have been irresponsible in the way which they've been managing their teams and eventually don't wish to take responsibility for the future."
Owls fans have been protesting against the current proprietor in recent months
'Mistakes could erase significant advances'
The chairman convened with representatives from 110 clubs to detail the scope of the oversight body this week and insisted it was a "forward-thinking discussion" with a "substantial involvement" from the grassroots to elite level.
"It's a job that's actually really important, because should mistakes occur, if the world of football gets it wrong, the extraordinary progress that's been made could disappear 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 entering the sport and has been channeled for the last 20 or 25 years, because there are no assurances it will continue to come into football, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the immediate future."
Premier League Concerns
Top flight officials resisted the establishment of an oversight body because of concerns about detrimental effects on the Premier League's sporting equality, but the regulator stated: "I completely endorse the achievement and development as an financial organization of the elite league.
"I of all people understand the worry about compromising the Premier League as a premium product of the nation. But at the same time, if you consult with top flight officials after the recent gathering, they would have had a high level of reassurance -and, in fact, they have been advising us privately they have a high level of reassurance."
Political Connections
The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he acknowledged providing funds to the Labour Party in the past.
The official contributed funds to Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the now Prime Minister Sir Keir Starmer.
"I have fully disclosed my past party membership [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the regulator explained.
"I currently have no participation in any form of political activity."
