'We will play a key role in football's future' - football oversight chief David Kogan
The team's persistent issues represent a a "significant problem" and the football regulator is looking to gain the ability to investigate clubs in such situations, the recently named head the regulator has stated.
In a wide-ranging interview, the chairman, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.
The regulator engaged with four supporters' associations associated with the Championship side this week.
The football club have been experiencing difficulties in multiple areas in the current year, with the club delaying salary disbursements on five separate occasions, including in September.
"Obviously the club has become a significant problem for EFL and a significant problem for football," the regulator explained.
"Wednesday stands as one of the iconic names for English football and in recent days we have met fan representatives.
"We're now looking to get powers... which will enable us to take Sheffield Wednesday - and other clubs referred to us if they need to be investigated and dealt with."
Monetary Issues and Ownership Situation
Wednesday's embattled owner Dejphon Chansiri stated during the off-season he would be willing to sell up at Hillsborough, but he has not been able to secure a deal with interested parties.
Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in June, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although the ban was rescinded in the end of the transfer window.
Regulator's Perspective
The regulator explained: "The job [of the regulator] is there for the fans of Sheffield Wednesday, other clubs in similar situations where supporters are loyal to a regional establishment that has been part of their lives in numerous instances.
"I fully appreciate the club's situation, as I do for every team that since 1992 have gone to the wall, or approached financial ruin, for factors unrelated to the fans themselves."
Questioned about whether the regulator could force an owner to sell a club if they are judged inappropriate, the chairman responded: "When asking whether 'would we intervene in the final instance?', the answer is once we gather the evidence and understand the situation, we will."
But the regulator clarified that requiring chairmen to relinquish clubs would be considered the final option and the authority would rather to work with them.
"The last thing what we want to do is commence engagement with an individual club, an particular chairman, without being in a position to cooperate with that proprietor to address the challenges confronting the team and the proprietor's dealing with," the regulator explained.
"However, realistically, when you examine the past of football, over the recent generations there have been some owners, not many, but some who have been irresponsible in the approach they have taken toward their clubs and ultimately don't wish to take responsibility for the long-term prospects."
Owls fans have been voicing opposition to the current proprietor this season
'Errors may undo substantial development'
Kogan met with officials from numerous teams to lay out the remit of the oversight body this week and maintained it represented a "proactive meeting" with a "significant participation" from the National League to the Premier League.
"The role holds considerable importance, because should mistakes occur, if the sport makes errors, the significant advances achieved could disappear rapidly," the chairman stated.
"Such an outcome is universally undesirable in the realm of domestic football is a major achievement - we've got to keep it going.
"Considerable investment entering the sport and has come into football for the past two decades, because certainty is lacking it will keep flowing into the sport, which is one of the reasons why I think we have to adopt a precise perspective on risk and of course, of the immediate future."
Elite Division Worries
The Premier League opposed the creation of a regulator because of apprehensions regarding adverse consequences on the top-flight's competitiveness, but Kogan said: "I fully support the prosperity and expansion as an economic entity of the top division.
"Being fully aware of the worry about compromising the division as a high-quality offering of the nation. But concurrently, if you consult with top flight officials after today's meeting, they would have had a high level of reassurance -and, in fact, they have been advising us privately they have a considerable comfort."
Political Connections
The regulator remains subject to a "full inquiry" by the public appointments commissioner after he disclosed making donations to the opposition group in the past.
The official donated money to government minister the politician's campaign, along with that of the government leader.
"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the official body endorsed my nomination," Kogan said.
"I am presently disconnected from any type of partisan engagement."
