'We are going to be a part of football's future' - football oversight chief David Kogan
The Championship club's ongoing struggles represent a a "serious issue" and the new football authority is aiming to acquire authority to examine team situations in comparable cases, the recently named head David Kogan has stated.
In a wide-ranging interview, the regulator, who was appointed on Monday, voiced concern towards supporters of the Owls.
The chairman convened with four fan organizations connected to the Championship side recently.
The team have been struggling on and off the field in the current year, with the club missing wage payments on several different times, including in last month.
"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 historic institutions for English football and recently we have met supporters' organizations.
"We are seeking authority... which will allow us to have Wednesday and comparable cases referred to us if they warrant scrutiny and dealt with."
Monetary Issues and Proprietorship Status
The team's struggling chairman the Thai businessman indicated in the summer he would be prepared to relinquish control 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 league officials in summer, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although those limitations were removed in late summer.
Authority's Position
The chairman stated: "Our role exists to serve the Owls followers, other clubs in similar situations where people are committed to a regional establishment that has existed throughout their lifetimes in many cases.
"I have absolute sympathy for the team's plight, as I do for all the clubs that over recent decades have faced collapse, or approached financial ruin, for factors unrelated to the supporters."
Questioned about whether the regulator could force an chairman to relinquish a club if they are considered unfit, the regulator answered: "When asking whether 'would we intervene in the final instance?', the answer is once we collect the information and understand the situation, we will."
But the chairman emphasized that compelling proprietors to divest clubs would be treated as a "last resort" and the regulator would prefer to work with them.
"The final option we would consider is begin intervening in an specific team, an individual owner, without being able to work with that owner to try and resolve the challenges confronting the team and the owner's facing," the regulator explained.
"In actuality, when you examine the past of the sport, over the recent generations there have been certain proprietors, a small minority, but certain individuals who have acted carelessly in the manner they have operated their clubs and ultimately refuse to accept accountability for the future."
Owls fans have been protesting against owner Dejphon Chansiri during the current campaign
'If we get it wrong, extraordinary progress vanishes'
The chairman convened with officials from numerous teams to lay out the remit of the authority recently and insisted it was a "proactive meeting" with a "significant participation" 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 might evaporate incredibly quickly," the regulator warned.
"And that's what nobody wants in the terms of English football is a huge success story - we must maintain momentum.
"There's an enormous amount of money entering the sport and has come into football for the last 20 or 25 years, because certainty is lacking it will continue to come into football, which is part of the rationale behind I think we have to adopt a precise perspective on risk and of course, of the next two or three years."
Elite Division Worries
Elite division representatives objected to the establishment of an oversight body because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I fully support the achievement and development as an financial organization of the top division.
"I of all people understand the concern of undermining the Premier League as a premium product of the nation. But simultaneously, if you talk to the Premier League after today's meeting, they would have had a substantial amount of confidence -and, actually, they have been telling us in private they have a significant confidence."
Partisan Associations
The chairman continues to confront a "thorough examination" by the official appointments authority after he disclosed making donations to the opposition group in recent years.
The 68-year-old donated money to Culture Secretary Lisa Nandy's leadership campaign, along with that of the now Prime Minister Sir Keir Starmer.
"I've been completely open about my previous political affiliation [with Labour], and that ideological connection terminated the day the select committee approved my appointment," Kogan said.
"I am presently disconnected from any type of partisan engagement."