'Our role is integral to football's future' - newly appointed regulator the regulator's chair
The team's ongoing struggles are seen as a "major concern" and the football regulator is seeking powers to investigate clubs in comparable cases, the recently named head David Kogan has stated.
In a wide-ranging interview, Kogan, who was recently selected, showed understanding towards Wednesday's fanbase.
The regulator engaged with four fan organizations connected to the football team this week.
The team have been struggling on and off the field in this season, with the club missing wage payments on multiple instances, including in the autumn.
"Clearly Sheffield Wednesday has been a major concern for the league and a substantial concern for English football," the regulator explained.
"The club represents 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 allow us to have Wednesday and comparable cases brought to our attention if they need to be investigated and acted upon."
Financial Struggles and Leadership Concerns
The club's controversial proprietor Dejphon Chansiri suggested earlier this year he would be willing to sell up at their home ground, but he has failed to complete a sale with interested parties.
Delayed salary payments on time in earlier this year led to sanctions by the football authorities in June, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although that restriction was lifted in August.
Official's Viewpoint
The chairman stated: "The position was created for the supporters of Wednesday, teams facing challenges where supporters are loyal to a community organization that has existed throughout their lifetimes in many cases.
"I completely understand the team's plight, as I do for every team that since 1992 have gone to the wall, or been close to going to the wall, for reasons that have nothing to do with the fans themselves."
Questioned about whether the regulator could force an chairman to relinquish a club if they are deemed unsuitable, the regulator answered: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and understand the situation, we will."
But the regulator clarified that forcing owners to sell clubs would be considered the final option and the authority would rather to cooperate with proprietors.
"The final option we would consider is commence engagement with an particular organization, an individual owner, without having the opportunity to collaborate with that chairman to fix the problems affecting the organization and the chairman's encountering," the regulator explained.
"However, realistically, when you look back over the history of the sport, over the recent generations there have been particular chairmen, a small minority, but particular people who have shown negligence in the manner they have operated their organizations and finally don't wish to take responsibility for the long-term prospects."
Wednesday followers have been protesting against owner Dejphon Chansiri in recent months
'Mistakes could erase significant advances'
The regulator engaged officials from numerous teams to lay out the remit of the authority recently and stated it constituted a "progressive gathering" with a "substantial involvement" from the National League to the Premier League.
"The role holds considerable importance, because should mistakes occur, if the world of football gets it wrong, the remarkable development accomplished could disappear incredibly quickly," the chairman stated.
"This represents everyone's worst fear in the context of the English game is a substantial accomplishment - we need to continue the progress.
"There's an enormous amount of money coming into football and has been invested for the last 20 or 25 years, because there are no assurances it will keep flowing into the sport, which is part of the rationale behind 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 formation of an authority because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an financial organization of the Premier League.
"I of all people understand the apprehension regarding damaging the Premier League as a premium product of England. But concurrently, if you talk to the Premier League after the recent gathering, they would have had a substantial amount of confidence -and, actually, they have been advising us privately they have a significant confidence."
Partisan Associations
The regulator remains subject to a "full inquiry" by the Commissioner for Public Appointments after he disclosed making donations to the political party in the past.
The official donated money to government minister the minister's leadership bid, along with that of the current Prime Minister.
"I have fully disclosed my past party membership [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," the chairman stated.
"I am presently disconnected from any sort of politics."
