'We are going to be a part of football's future' - football oversight chief David Kogan
The Championship club's current difficulties are seen as a "significant problem" and the independent regulator is seeking powers to examine team situations in comparable cases, the newly appointed chairman the official has declared.
During an extensive discussion, the chairman, who was named to the position this week, voiced concern towards the club's followers.
Kogan met with four supporters' associations associated with the football team recently.
The team have been struggling on and off the field in this season, with the club failing to pay players on time on several different times, including in September.
"Evidently Wednesday represents a serious issue for football authorities and a significant problem for football," the chairman stated.
"Sheffield Wednesday is one of the historic institutions for English football and in recent days we have met Sheffield Wednesday supporters' groups.
"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs referred to us if they need to be investigated and addressed."
Economic Challenges and Ownership Situation
The team's struggling chairman the current owner stated during the off-season he would be willing to sell up at Hillsborough, but he has been unable to finalize an agreement with interested parties.
Delayed salary payments on time in March and May led to sanctions by the football authorities in June, preventing the club from carrying out any transfers or loans for the subsequent signing windows, although the ban was rescinded in August.
Regulator's Perspective
The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, other clubs in similar situations where supporters are loyal to a regional establishment that has represented their community in multiple situations.
"I fully appreciate the club's situation, as I do for each organization that over recent decades have faced collapse, or nearly ceased operations, for reasons that have nothing to do with the followers."
Questioned about whether the oversight body could require 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 assemble the facts and understand the situation, we will."
But Kogan stressed that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to collaborate with owners.
"The last thing what we want to do is begin intervening in an individual club, an specific proprietor, without being able to work with that chairman to fix the challenges confronting the team and the owner's facing," Kogan said.
"In actuality, when you look back over the history of the sport, over the last 20 or 30 years there have been some owners, a small minority, but certain individuals who have acted carelessly in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the coming years."
Wednesday followers have been protesting against owner Dejphon Chansiri in recent months
'Errors may undo substantial development'
The regulator engaged officials from numerous teams to detail the scope of the regulator on Wednesday and insisted it was a "progressive gathering" with a "substantial involvement" from the National League to the Premier League.
"It's a job that's actually really important, because if we get it wrong, if the football community fails, the extraordinary progress that's been made necessary will vanish rapidly," Kogan said.
"And that's what nobody wants in the terms of English football is a huge success story - we need to continue the progress.
"Substantial financial resources coming into football and has been invested for the last 20 or 25 years, because there's no guarantee it will continue to come into football, which is among the factors explaining I think we have to maintain a focused outlook on risk and of course, of the immediate future."
Elite Division Worries
Top flight officials resisted the establishment of an oversight body because of concerns about detrimental effects on the elite division's competitive balance, but the chairman responded: "I completely endorse the achievement and development as an financial organization of the elite league.
"As someone who appreciates the apprehension regarding damaging the division as a high-quality offering of this country. But at the same time, if you talk to the Premier League after this week's discussion, they would have had a significant degree of comfort -and, indeed, they have been telling us in private they have a considerable comfort."
Partisan Associations
The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he acknowledged providing funds to the political party in recent years.
The chairman provided financial support for government minister the minister's leadership bid, along with that of the government leader.
"I've been completely open about my former ideological connection [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," the regulator explained.
"I am presently disconnected from any sort of politics."
