'Our role is integral to football's future' - football oversight chief David Kogan
The team's current difficulties are seen as a "serious issue" and the new football authority is aiming to acquire authority to examine team situations in such situations, the recently named head the regulator has declared.
In a wide-ranging interview, the regulator, who was named to the position this week, showed understanding towards supporters of the Owls.
Kogan met with four supporters' associations representing the South Yorkshire club recently.
The Championship side have been facing challenges both on and off the pitch in the current year, with the club delaying salary disbursements on several different times, including in the autumn.
"Obviously the club has become a serious issue for football authorities and a major challenge for the sport," the regulator explained.
"Sheffield Wednesday is one of the iconic names for football in England and in recent days we have met fan representatives.
"We are seeking authority... which will permit us to bring Sheffield Wednesday - and other clubs submitted for our review if they require examination and addressed."
Monetary Issues and Proprietorship Status
Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be prepared to relinquish control at the stadium, but he has not been able to secure a deal with potential new owners.
Delayed salary payments on time in spring months led to sanctions by the English Football League (EFL) in June, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although the ban was rescinded in late summer.
Authority's Position
The chairman stated: "Our role exists to serve the fans of Sheffield Wednesday, other clubs in similar situations where fans are dedicated to a local institution that has represented their community in many cases.
"I completely understand the club's situation, as I do for all the clubs that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the fans themselves."
Questioned about whether the oversight body could require an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we collect the information and understand the situation, we will."
But the regulator clarified that forcing owners to sell clubs would be treated as a "last resort" and the regulator would prefer to work with them.
"Our least desirable course of action is commence engagement with an particular organization, an individual owner, without being able to work with that owner to try and resolve the issues that the club's facing and the chairman's encountering," the regulator explained.
"However, realistically, when you review the record of the sport, over the last 20 or 30 years there have been some owners, a small minority, but some who have been irresponsible in the way which they've been managing their clubs and ultimately decline to assume obligation for the coming years."
Sheffield Wednesday supporters have been demonstrating against the team's chairman in recent months
'Mistakes could erase significant advances'
The regulator engaged officials from numerous teams to explain the responsibilities of the authority recently and insisted it was a "proactive meeting" with a "high level of engagement" from the grassroots to elite level.
"The role holds considerable importance, because if we get it wrong, if the world of football gets it wrong, the remarkable development accomplished might evaporate rapidly," the chairman stated.
"This represents everyone's worst fear in the context of the English game is a major achievement - we need to continue the progress.
"Considerable investment flowing into the game and has been invested for the last 20 or 25 years, because there are no assurances it will persist in entering the game, 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."
Premier League Concerns
The Premier League opposed the formation of an authority because of concerns about detrimental effects on the top-flight's competitiveness, but the chairman responded: "I'm absolutely committed to the success and growth as an financial organization of the elite league.
"Being fully aware of the apprehension regarding damaging the Premier League as a premium product of England. But simultaneously, if you consult with top flight officials after the recent gathering, they would have had a substantial amount of confidence -and, indeed, they have been advising us privately they have a significant confidence."
Political Connections
The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he disclosed making donations to the Labour Party in recent years.
The official provided financial support for Culture Secretary the politician's campaign, along with that of the current Prime Minister.
"I've been completely open about my previous political affiliation [with Labour], and that party membership ceased the day the parliamentary committee confirmed my selection," Kogan said.
"I am no longer involved in any form of political activity."
