'Our role is integral to football's future' - football oversight chief David Kogan
The Championship club's current difficulties represent a a "major concern" and the independent regulator is looking to gain the ability to investigate clubs in comparable cases, its new chair the official has announced.
In a wide-ranging interview, Kogan, who was recently selected, expressed "sympathy" towards Wednesday's fanbase.
Kogan met with four supporter groups connected to the football team recently.
The Championship side have been struggling on and off the field in the current year, with the club delaying salary disbursements on five separate occasions, including in last month.
"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 great brands for the English game and recently 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 brought to our attention if they warrant scrutiny and dealt with."
Financial Struggles and Ownership Situation
Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be willing to sell up at the stadium, but he has been unable to finalize an agreement with prospective buyers.
Delayed salary payments on time in earlier this year resulted in restrictions being imposed by the league officials in summer, stopping Wednesday from completing any transfers or loans for the next three transfer windows, although that restriction was lifted in August.
Official's Viewpoint
The chairman stated: "The position was created for the Owls followers, Bury or any football club where supporters are loyal to a local institution that has been part of their lives in multiple situations.
"I fully appreciate the team's plight, as I do for every team that since 1992 have gone to the wall, or approached financial ruin, for reasons that have nothing to do with the followers."
Inquired if the regulator could force an chairman to relinquish a club if they are judged inappropriate, the regulator answered: "If your question is 'would we intervene in the final instance?', the response would be once we assemble the facts and comprehend the circumstances, we will."
But the regulator clarified that forcing owners to sell clubs would be viewed as the ultimate measure and the regulator would prefer to collaborate with owners.
"The last thing what we want to do is start getting involved with an particular organization, an specific proprietor, without having the opportunity to collaborate with that proprietor to address the challenges confronting the team and the chairman's encountering," the chairman stated.
"However, realistically, when you look back over the history of the game, over the recent generations there have been certain proprietors, few in number, but some who have been irresponsible in the manner they have operated their teams and eventually refuse to accept accountability for the future."
Wednesday followers have been voicing opposition to the current proprietor in recent months
'If we get it wrong, extraordinary progress vanishes'
The regulator engaged delegates from multiple organizations to lay out the remit of the oversight body this week and maintained it represented a "forward-thinking discussion" with a "significant participation" from the National League to the Premier League.
"This position carries substantial significance, because if errors are made, if the football community fails, the significant advances achieved could disappear rapidly," Kogan said.
"And that's what nobody wants in the realm of domestic football is a huge success story - we've got to keep it going.
"Considerable investment flowing into the game and has been invested for the past two decades, because there's no guarantee it will continue to come into football, which is part of the rationale behind I think we have to adopt a precise perspective on challenges and obviously, of the coming seasons."
Premier League Concerns
Elite division representatives objected to the formation of an authority because of concerns about detrimental effects on the top-flight's competitiveness, but the regulator stated: "I completely endorse the success and growth as an commercial operation of the elite league.
"I of all people understand the apprehension regarding damaging the division as a high-quality offering of this country. But at the same time, if you engage with division representatives after today's meeting, they would have had a significant degree of comfort -and, indeed, they have been advising us privately they have a considerable comfort."
Partisan Associations
The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the opposition group in recent years.
The 68-year-old provided financial support for Culture Secretary Lisa Nandy's leadership campaign, along with that of the current Prime Minister.
"I have fully disclosed my former ideological connection [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," Kogan said.
"I am presently disconnected from any type of partisan engagement."
