'Our role is integral to football's future' - football oversight chief David Kogan
The Championship club's ongoing struggles represent a a "major concern" and the independent regulator is seeking powers to investigate clubs in comparable cases, the recently named head the official has declared.
In a wide-ranging interview, the regulator, who was appointed on Monday, showed understanding towards Wednesday's fanbase.
The chairman convened with four fan organizations connected to the football team in recent days.
The Championship side have been facing challenges both on and off the pitch in the current year, with the club missing wage payments on multiple instances, including in September.
"Clearly Sheffield Wednesday has been a major concern for the league and a significant problem for football," Kogan told.
"Sheffield Wednesday is one of the historic institutions for football in England and recently we have met supporters' organizations.
"We're now looking to get powers... which will enable us to take Sheffield Wednesday - and other clubs referred to us if they need to be investigated and acted upon."
Financial Struggles and Ownership Situation
Wednesday's embattled owner the Thai businessman stated during the off-season he would be open to selling the club at their home ground, but he has failed to complete a sale with potential new owners.
Delayed salary payments on time in spring months led to sanctions by the English Football League (EFL) in summer, preventing the club from carrying out any recruitment activities for the following recruitment periods, although that restriction was lifted in late summer.
Official's Viewpoint
The chairman stated: "Our role exists to serve the Owls followers, other clubs in similar situations where people are committed to a regional establishment that has been part of their lives in multiple situations.
"I completely understand the team's plight, as I do for all the clubs that over recent decades have faced collapse, or approached financial ruin, for reasons that have nothing to do with the fans themselves."
Questioned about whether the authority might compel an proprietor to divest a club if they are deemed unsuitable, the regulator answered: "If your question is '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 forcing owners to sell clubs would be treated as a "last resort" and the authority would rather to collaborate with owners.
"The final option we would consider 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 challenges confronting the team and the proprietor's dealing with," the chairman stated.
"However, realistically, when you examine the past of the sport, over the recent generations there have been some owners, not many, but certain individuals who have acted carelessly in the way which they've been managing their teams and eventually refuse to accept accountability for the long-term prospects."
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 oversight body this week and stated it constituted a "forward-thinking discussion" with a "substantial involvement" from the lower divisions to the top flight.
"This position carries substantial significance, because if we get it wrong, if the football community fails, the extraordinary progress that's been made necessary will vanish swiftly," Kogan said.
"This represents everyone's worst fear in the context of the English game is a huge success story - we must maintain momentum.
"Substantial financial resources entering the sport and has been channeled for the last 20 or 25 years, because certainty is lacking it will keep flowing into the sport, which is part of the rationale behind I think we have to take a really clear view on potential dangers and naturally, of the coming seasons."
Premier League Concerns
Top flight officials resisted the creation of a regulator because of fears of a negative impact on the elite division's competitive balance, but the regulator stated: "I completely endorse the achievement and development as an financial organization of the top division.
"As someone who appreciates the concern of undermining the Premier League as a premium product of the nation. But simultaneously, if you engage with division representatives after today's meeting, they would have had a significant degree of comfort -and, actually, they have been telling us in private they have a considerable comfort."
Partisan Associations
Kogan is still facing a "comprehensive investigation" by the official appointments authority after he acknowledged providing funds to the opposition group in the past.
The chairman donated money to Culture Secretary the politician's campaign, along with that of the current Prime Minister.
"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," the chairman stated.
"I am no longer involved in any sort of politics."