'We will play a key role in football's future' - independent football regulator David Kogan
The team's current difficulties represent a a "serious issue" and the football regulator is looking to gain the ability to look into club affairs in comparable cases, the newly appointed chairman the official has announced.
In a wide-ranging interview, the chairman, who was named to the position this week, expressed "sympathy" towards supporters of the Owls.
Kogan met with four supporter groups representing the football team this week.
The team have been struggling on and off the field in the current year, with the club delaying salary disbursements on several different times, including in last month.
"Obviously the club has become a serious issue for football authorities and a major challenge for the sport," Kogan told.
"Wednesday stands as one of the historic institutions for the English game and this week we have met fan representatives.
"We are seeking authority... which will enable us to take the club and similar situations submitted for our review if they require examination and acted upon."
Financial Struggles and Ownership Situation
The club's controversial proprietor Dejphon Chansiri stated during the off-season he would be open to selling the club 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 spring months caused limitations by the league officials in mid-year, preventing the club from carrying out any player acquisitions for the next three transfer windows, although that restriction was lifted in late summer.
Authority's Position
The regulator explained: "Our role exists to serve the Owls followers, Bury or any football club where people are committed to a community organization that has been part of their lives in many cases.
"I completely understand the team's plight, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for factors unrelated to the supporters."
When asked if the regulator could force an proprietor to divest a club if they are considered unfit, Kogan said: "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 Kogan stressed that compelling proprietors to divest clubs would be considered the final option and the oversight body would choose to cooperate with proprietors.
"Our least desirable course of action is commence engagement with an specific team, an particular chairman, without having the opportunity to collaborate with that owner to try and resolve the problems affecting the organization and the chairman's encountering," the chairman stated.
"But the truth is, when you review the record of the sport, over the past few decades there have been some owners, few in number, but particular people who have shown negligence in the approach they have taken toward their teams and eventually refuse to accept accountability for the coming years."
Sheffield Wednesday supporters have been voicing opposition to the current proprietor during the current campaign
'Errors may undo substantial development'
The regulator engaged representatives from 110 clubs to explain the responsibilities of the regulator on Wednesday and stated it constituted a "proactive meeting" with a "substantial involvement" from the lower divisions to the top flight.
"This position carries substantial significance, because should mistakes occur, if the sport makes errors, the significant advances achieved could disappear swiftly," the chairman stated.
"This represents everyone's worst fear in the terms of English football is a major achievement - we've got to keep it going.
"Substantial financial resources coming into football and has been invested for the past two decades, because certainty is lacking it will persist in entering the game, which is among the factors explaining I think we have to take a really clear view on potential dangers and naturally, of the coming seasons."
Premier League Concerns
Elite division representatives objected to the establishment of an oversight body because of concerns about detrimental effects on the elite division's competitive balance, but Kogan said: "I'm absolutely committed to the achievement and development as an financial organization of the Premier League.
"Being fully aware of the concern of undermining the Premier League as a premium product of this country. But concurrently, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, in fact, they have been telling us in private they have a significant confidence."
Partisan Associations
The chairman continues to confront a "full inquiry" by the public appointments commissioner after he disclosed making donations to the political party in the past.
The chairman donated money to Culture Secretary Lisa Nandy's leadership campaign, along with that of the government leader.
"I've been completely open about my past party membership [with Labour], and that political affiliation came to an end the day the parliamentary committee confirmed my selection," Kogan said.
"I am presently disconnected from any type of partisan engagement."
