'We will play a key role in football's future' - football oversight chief David Kogan
The team's ongoing struggles are seen as a "significant problem" and the independent regulator is looking to gain the ability to investigate clubs in similar circumstances, the recently named head the regulator has announced.
During an extensive discussion, the chairman, who was appointed on Monday, voiced concern towards Wednesday's fanbase.
Kogan met with four supporter groups representing the South Yorkshire club recently.
The Championship side have been experiencing difficulties in multiple areas in the current year, with the club missing wage payments on several different times, including in September.
"Clearly Sheffield Wednesday has been a significant problem for EFL and a significant problem for football," Kogan told.
"The club represents one of the historic institutions for English football and recently we have met Sheffield Wednesday supporters' groups.
"Our aim is to acquire the ability... which will enable us to take Wednesday and comparable cases submitted for our review if they require examination and dealt with."
Monetary Issues and Leadership Concerns
Wednesday's embattled owner the current owner suggested earlier this year he would be willing to sell up at Hillsborough, but he has not been able to secure a deal with interested parties.
Delayed salary payments on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in June, preventing the club from carrying out any player acquisitions for the following recruitment periods, although those limitations were removed 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 multiple situations.
"I have absolute sympathy for the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or approached financial ruin, for causes separate from the supporters."
Questioned about whether the regulator could force an chairman to relinquish a club if they are judged inappropriate, the chairman responded: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and know what's going on, we will."
But the chairman emphasized that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.
"The final option we would consider is start getting involved with an particular organization, an particular chairman, without being in a position to cooperate with that proprietor to address the problems affecting the organization and the owner's facing," the chairman stated.
"In actuality, when you examine the past of the sport, over the recent generations there have been particular chairmen, a small minority, but particular people who have shown negligence in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the future."
Wednesday followers have been demonstrating against the team's chairman during the current campaign
'Errors may undo substantial development'
The regulator engaged officials from numerous teams to explain the responsibilities of the regulator on Wednesday 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 sport makes errors, the extraordinary progress that's been made could disappear incredibly quickly," the chairman stated.
"Such an outcome is universally undesirable in the context of the English game is a huge success story - we need to continue the progress.
"There's an enormous amount of money entering the sport and has come into football for the past two decades, because there are no assurances it will continue to come into football, which is one of the reasons why I think we have to maintain a focused outlook on challenges and obviously, of the next two or three years."
Premier League Concerns
The Premier League opposed the formation of an authority because of apprehensions regarding adverse consequences on the Premier League's sporting equality, but the regulator stated: "I completely endorse the prosperity and expansion as an economic entity of the Premier League.
"Being fully aware of the apprehension regarding damaging the division as a high-quality offering of England. But concurrently, if you talk to the Premier League after this week's discussion, they would have had a substantial amount of confidence -and, actually, they have been advising us privately they have a high level of reassurance."
Ideological Links
The regulator remains subject to a "thorough examination" by the official appointments authority after he disclosed making donations to the opposition group in the past.
The 68-year-old donated money to Culture Secretary the minister's leadership bid, along with that of the now Prime Minister Sir Keir Starmer.
"I've been completely open about my former ideological connection [with Labour], and that party membership ceased the day the select committee approved my appointment," the chairman stated.
"I currently have no participation in any sort of politics."
