'We will play a key role in football's future' - football oversight chief David Kogan
The Championship club's current difficulties constitute a "major concern" and the new football authority is seeking powers to look into club affairs in similar circumstances, the recently named head David Kogan has declared.
In a wide-ranging interview, the regulator, who was appointed on Monday, showed understanding towards Wednesday's fanbase.
Kogan met with four supporter groups associated with the Championship side recently.
The Championship side have been struggling on and off the field in this season, with the club missing wage payments on multiple instances, including in last month.
"Clearly Sheffield Wednesday has been a serious issue for football authorities and a substantial concern for English football," the chairman stated.
"Sheffield Wednesday is one of the historic institutions for the English game and in recent days we have met Sheffield Wednesday supporters' groups.
"Our aim is to acquire the ability... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they require examination and dealt with."
Financial Struggles and Proprietorship Status
Wednesday's embattled owner the Thai businessman stated during the off-season he would be prepared to relinquish control at the stadium, but he has been unable to finalize an agreement with potential new owners.
Missed wage deadlines on time in earlier this year led to sanctions by the league officials in June, stopping Wednesday from completing any transfers or loans for the following recruitment periods, although the ban was rescinded in August.
Regulator's Perspective
The chairman stated: "The position was created for the Owls followers, Bury or any football club where people are committed to a local institution that has represented their community in numerous instances.
"I completely understand the club's situation, as I do for all the clubs that in modern times have encountered failure, or approached financial ruin, for reasons that have nothing to do with the followers."
Questioned about whether the authority might compel an proprietor to divest a club if they are considered unfit, Kogan said: "If your question is 'would we intervene in the final instance?', the reply is once we collect the information and know what's going on, we will."
But the regulator clarified that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to collaborate with owners.
"The last thing what we want to do is begin intervening in an particular organization, an specific proprietor, without being in a position to cooperate with that owner to try and resolve the problems affecting the organization and the owner's facing," Kogan said.
"But the truth is, when you examine the past of the game, over the recent generations there have been some owners, a small minority, but some who have been irresponsible in the manner they have operated their organizations and finally refuse to accept accountability for the future."
Sheffield Wednesday supporters have been demonstrating against the team's chairman this season
'If we get it wrong, extraordinary progress vanishes'
Kogan met with representatives from 110 clubs to detail the scope of the oversight body this week and insisted it was a "proactive meeting" with a "significant participation" from the grassroots to elite level.
"It's a job that's actually really important, because if errors are made, 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 realm of domestic football is a substantial accomplishment - we must maintain momentum.
"Considerable investment flowing into the game and has been invested for the recent generations, because there's no guarantee it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on risk and of course, of the coming seasons."
Elite Division Worries
Elite division representatives objected to the formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I fully support the prosperity and expansion as an financial organization of the top division.
"Being fully aware of the worry about compromising the division as a high-quality offering 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, in fact, they have been informing us confidentially they have a considerable comfort."
Political Connections
Kogan is still facing a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the political party in recent years.
The official contributed funds to government minister Lisa Nandy's leadership 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 official body endorsed my nomination," the chairman stated.
"I am no longer involved in any form of political activity."
