'We will play a key role in football's future' - football oversight chief David Kogan
The team's current difficulties constitute a "serious issue" and the independent regulator is looking to gain the ability to look into club affairs in comparable cases, the recently named head the official has stated.
In a wide-ranging interview, the chairman, who was recently selected, showed understanding towards supporters of the Owls.
Kogan met with four supporter groups connected to the football team recently.
The team have been experiencing difficulties in multiple areas in this season, with the club failing to pay players on time on five separate occasions, including in September.
"Obviously the club has become a significant problem for EFL and a substantial concern for English football," the regulator explained.
"Sheffield Wednesday is one of the iconic names for football in England and in recent days we have met fan representatives.
"We're now looking to get powers... which will enable us to take the club and similar situations brought to our attention if they need to be investigated and dealt with."
Monetary Issues and Ownership Situation
The team's struggling chairman Dejphon Chansiri suggested earlier this year he would be willing to sell up at their home ground, but he has not been able to secure a deal with interested parties.
Failure to pay player wages on time in earlier this year caused limitations by the football authorities in summer, preventing the club from carrying out any player acquisitions for the next three transfer windows, although those limitations were removed in the end of the transfer window.
Official's Viewpoint
The chairman stated: "Our role exists to serve the supporters of Wednesday, teams facing challenges where fans are dedicated to a regional establishment that has represented their community in many cases.
"I completely understand the team's plight, as I do for every team that since 1992 have gone to the wall, or nearly ceased operations, for reasons that have nothing to do with the followers."
Inquired if the regulator could force an owner to sell a club if they are deemed unsuitable, Kogan said: "Should the inquiry concern 'would we intervene in the final instance?', the response would be once we collect the information and know what's going on, we will."
But the regulator clarified that forcing owners to sell clubs would be treated as a "last resort" and the authority would rather to work with them.
"Our least desirable course of action is commence engagement with an specific team, an specific proprietor, without being able to work with that chairman to fix the issues that the club's facing and the proprietor's dealing with," Kogan said.
"In actuality, when you look back over the history of football, over the last 20 or 30 years there have been some owners, not many, but particular people who have shown negligence in the approach they have taken toward their organizations and finally decline to assume obligation for the future."
Sheffield Wednesday supporters have been voicing opposition to the current proprietor this season
'Mistakes could erase significant advances'
The chairman convened with representatives from 110 clubs to lay out the remit of the regulator on Wednesday and insisted it was a "progressive gathering" with a "significant participation" from the lower divisions to the top flight.
"It's a job that's actually really important, because should mistakes occur, if the sport makes errors, the significant advances achieved might evaporate swiftly," Kogan said.
"This represents everyone's worst fear in the context of the English game is a substantial accomplishment - we must maintain momentum.
"Considerable investment entering the sport and has been channeled for the past two decades, because there's no guarantee it will keep flowing into the sport, which is one of the reasons why I think we have to adopt a precise perspective on challenges and obviously, of the immediate future."
Elite Division Worries
Top flight officials resisted the creation of a regulator because of concerns about detrimental effects on the elite division's competitive balance, but the chairman responded: "I fully support the achievement and development as an economic entity of the top division.
"I of all people understand the apprehension regarding damaging the top flight as an elite competition of the nation. But at the same time, if you talk to the Premier League after the recent gathering, they would have had a high level of reassurance -and, actually, they have been telling us in private they have a considerable comfort."
Political Connections
The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he disclosed making donations to the opposition group in the past.
The chairman contributed funds to government minister the minister's leadership bid, along with that of the current Prime Minister.
"I've been completely open about my previous political affiliation [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the regulator explained.
"I am no longer involved in any type of partisan engagement."
