'We are going to be a part of football's future' - newly appointed regulator David Kogan
The Championship club's ongoing struggles are seen as a "serious issue" and the new football authority is looking to gain the ability to investigate clubs in comparable cases, its new chair the official has announced.
In a wide-ranging interview, the chairman, who was appointed on Monday, expressed "sympathy" towards supporters of the Owls.
Kogan met with four supporter groups connected to the football team recently.
The team have been facing challenges both on and off the pitch in the current year, with the club missing wage payments on five separate occasions, including in last month.
"Obviously the club has become a significant problem for EFL and a significant problem for football," the chairman stated.
"The club represents one of the great brands for English football and recently we have met supporters' organizations.
"Our aim is to acquire the ability... which will permit us to bring Wednesday and comparable cases submitted for our review if they require examination and addressed."
Financial Struggles and Proprietorship Status
Wednesday's embattled owner the current owner indicated in the summer he would be open to selling the club at the stadium, but he has failed to complete a sale with prospective buyers.
Missed wage deadlines on time in earlier this year caused limitations by the English Football League (EFL) in mid-year, stopping Wednesday from completing any player acquisitions for the next three transfer windows, although those limitations were removed in late summer.
Official's Viewpoint
The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, teams facing challenges where fans are dedicated to a community organization that has represented their community in many cases.
"I have absolute sympathy for the club's situation, as I do for all the clubs that in modern times have encountered failure, or nearly ceased operations, for reasons that have nothing to do with the supporters."
Questioned about whether the oversight body could require an proprietor to divest a club if they are judged inappropriate, the chairman responded: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we assemble the facts and comprehend the circumstances, we will."
But the regulator clarified that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the regulator would prefer to collaborate with owners.
"The last thing what we want to do is commence engagement with an specific team, an individual owner, without having the opportunity to collaborate with that proprietor to address the issues that the club's facing and the proprietor's dealing with," the regulator explained.
"But the truth is, when you examine the past of the game, over the last 20 or 30 years there have been certain proprietors, few in number, but particular people who have shown negligence in the way which they've been managing their clubs and ultimately don't wish to take responsibility for the coming years."
Wednesday followers have been demonstrating against the team's chairman this season
'Errors may undo substantial development'
The regulator engaged representatives from 110 clubs to explain the responsibilities of the oversight body this week and stated it constituted a "forward-thinking discussion" with a "significant participation" from the lower divisions to the top flight.
"It's a job that's actually really important, because if errors are made, if the world of football gets it wrong, the extraordinary progress that's been made necessary will vanish rapidly," the regulator warned.
"This represents everyone's worst fear in the terms of English football is a major achievement - we must maintain momentum.
"Substantial financial resources entering the sport and has come into football for the recent generations, because there are no assurances it will persist in entering the game, which is one of the reasons why I think we have to take a really clear view on potential dangers and naturally, of the next two or three years."
Elite Division Worries
The Premier League opposed the establishment of an oversight body because of fears of a negative impact on the Premier League's sporting equality, but Kogan said: "I completely endorse the achievement and development as an commercial operation of the Premier League.
"As someone who appreciates the apprehension regarding damaging the Premier League as a premium product of this country. But simultaneously, if you engage with division representatives after this week's discussion, they would have had a high level of reassurance -and, indeed, they have been informing us confidentially they have a high level of reassurance."
Ideological Links
The chairman continues to confront a "comprehensive investigation" by the public appointments commissioner after he revealed he contributed money to the Labour Party in recent years.
The 68-year-old contributed funds to government minister Lisa Nandy's leadership campaign, along with that of the government leader.
"I have been entirely transparent regarding my past party membership [with Labour], and that party membership ceased the day the select committee approved my appointment," the regulator explained.
"I am no longer involved in any type of partisan engagement."
