'We are going to be a part of football's future' - independent football regulator the regulator's chair
The team's ongoing struggles constitute a "major concern" and the football regulator is seeking powers to look into club affairs in comparable cases, the newly appointed chairman David Kogan has declared.
During an extensive discussion, the chairman, who was named to the position this week, showed understanding towards supporters of the Owls.
The chairman convened with four supporter groups connected to the Championship side in recent days.
The football club have been struggling on and off the field in the current year, with the club missing wage payments on multiple instances, including in September.
"Obviously the club has become a significant problem for EFL and a substantial concern for English football," the chairman stated.
"Sheffield Wednesday is one of the great brands for football in England and recently we have met Sheffield Wednesday supporters' groups.
"Our aim is to acquire the ability... which will allow us to have the club and similar situations referred to us if they need to be investigated and addressed."
Monetary Issues and Leadership Concerns
The team's struggling chairman the current owner suggested earlier this year he would be willing to sell up at the stadium, but he has failed to complete a sale with interested parties.
Failure to pay player wages on time in March and May caused limitations by the football authorities in mid-year, blocking the team from conducting any recruitment activities for the subsequent signing windows, although that restriction was lifted in the end of the transfer window.
Authority's Position
The regulator explained: "The position was created for the Owls followers, other clubs in similar situations where fans are dedicated 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 in modern times have encountered failure, or approached financial ruin, for reasons that have nothing to do with the followers."
When asked if the oversight body could require an chairman to relinquish a club if they are considered unfit, the chairman responded: "When asking whether 'would we intervene in the final instance?', the answer is once we assemble the facts and comprehend the circumstances, we will."
But the chairman emphasized that compelling proprietors to divest clubs would be treated as a "last resort" and the oversight body would choose to cooperate with proprietors.
"Our least desirable course of action is start getting involved with an specific team, an particular chairman, without having the opportunity to collaborate with that owner to try and resolve the challenges confronting the team and the proprietor's dealing with," the chairman stated.
"But the truth is, when you look back over the history of football, over the recent generations there have been particular chairmen, not many, but some who have been irresponsible in the manner they have operated their teams and eventually refuse to accept accountability for the future."
Sheffield Wednesday supporters have been voicing opposition to the current proprietor in recent months
'If we get it wrong, extraordinary progress vanishes'
The regulator engaged representatives from 110 clubs to lay out the remit of the authority recently and stated it constituted a "progressive gathering" with a "significant participation" from the grassroots to elite level.
"The role holds considerable importance, because if we get it wrong, if the sport makes errors, the extraordinary progress that's been made could disappear rapidly," Kogan said.
"This represents everyone's worst fear in the context of the English game is a substantial accomplishment - we've got to keep it going.
"Substantial financial resources coming into football and has been invested for the past two decades, because there's no guarantee it will continue to come into football, 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."
Top Flight Apprehensions
Top flight officials resisted the establishment of an oversight body because of concerns about detrimental effects on the Premier League's sporting equality, but the chairman responded: "I completely endorse the success and growth as an economic entity of the elite league.
"Being fully aware of the concern of undermining the Premier League as a premium product of England. But at the same time, if you consult with top flight officials after today's meeting, they would have had a significant degree of comfort -and, in fact, they have been advising us privately they have a considerable comfort."
Partisan Associations
Kogan is still facing a "thorough examination" by the official appointments authority after he acknowledged providing funds to the political party in the past.
The 68-year-old donated money to government minister the politician's campaign, along with that of the current Prime Minister.
"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 am presently disconnected from any form of political activity."