'We will play a key role in football's future' - football oversight chief David Kogan
The team's ongoing struggles constitute a "major concern" and the independent regulator is looking to gain the ability to look into club affairs in similar circumstances, the newly appointed chairman the official has announced.
Through a comprehensive talk, Kogan, who was recently selected, expressed "sympathy" towards Wednesday's fanbase.
The regulator engaged with four supporters' associations connected to the South Yorkshire club this week.
The football club have been experiencing difficulties in multiple areas in this season, with the club delaying salary disbursements on several different times, including in September.
"Evidently Wednesday represents a major concern for the league and a significant problem for football," the regulator explained.
"The club represents one of the great brands for the English game and recently we have met fan representatives.
"We're now looking to get powers... which will permit us to bring Wednesday and comparable cases submitted for our review if they warrant scrutiny and dealt with."
Financial Struggles and Leadership Concerns
Wednesday's embattled owner the Thai businessman indicated in the summer he would be willing to sell up at their home ground, but he has been unable to finalize an agreement with prospective buyers.
Delayed salary payments on time in spring months resulted in restrictions being imposed by the league officials in June, preventing the club from carrying out any transfers or loans for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.
Authority's Position
The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, Bury or any football club where people are committed to a regional establishment that has existed throughout their lifetimes in many cases.
"I have absolute sympathy for the club's situation, as I do for each organization that over recent decades have faced collapse, or approached financial ruin, for factors unrelated to the followers."
When asked if the authority might compel an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the answer is once we gather the evidence and understand the situation, we will."
But the chairman emphasized that compelling proprietors to divest clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.
"Our least desirable course of action is start getting involved with an particular organization, an specific proprietor, without being able to work with that chairman to fix the issues that the club's facing and the chairman's encountering," Kogan said.
"However, realistically, when you review the record of the sport, over the past few decades there have been certain proprietors, a small minority, but particular people who have shown negligence in the manner they have operated their organizations and finally don't wish to take responsibility for the future."
Wednesday followers have been voicing opposition to the current proprietor in recent months
'Errors may undo substantial development'
The chairman convened with delegates from multiple organizations to explain the responsibilities of the authority recently and insisted it was a "forward-thinking discussion" with a "high level of engagement" from the grassroots to elite level.
"This position carries substantial significance, because if errors are made, if the sport makes errors, the significant advances achieved might evaporate incredibly quickly," Kogan said.
"Such an outcome is universally undesirable in the context of the English game is a substantial accomplishment - we must maintain momentum.
"Substantial financial resources flowing into the game and has been invested for the last 20 or 25 years, because there are no assurances it will continue to come into football, which is part of the rationale behind I think we have to take a really clear view on risk and of course, of the immediate future."
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 Kogan said: "I'm absolutely committed to the achievement and development as an financial organization of the elite league.
"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of England. But at the same time, if you talk to the Premier League after this week's discussion, they would have had a substantial amount of confidence -and, indeed, they have been telling us in private they have a considerable comfort."
Partisan Associations
The regulator remains subject to a "full inquiry" by the official appointments authority after he revealed he contributed money to the Labour Party in recent years.
The official donated money to Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the current Prime Minister.
"I've been completely open about my former ideological connection [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," Kogan said.
"I currently have no participation in any form of political activity."
