'We will play a key role in football's future' - football oversight chief David Kogan
The Championship club's persistent issues are seen as a "significant problem" and the independent regulator is looking to gain the ability to look into club affairs in such situations, the newly appointed chairman the official has announced.
In a wide-ranging interview, the chairman, who was named to the position this week, showed understanding towards Wednesday's fanbase.
The regulator engaged with four supporter groups connected to the football team recently.
The Championship side have been facing challenges both on and off the pitch in the current year, with the club missing wage payments on several different times, including in last month.
"Clearly Sheffield Wednesday has been a significant problem for EFL and a significant problem for football," the regulator explained.
"Sheffield Wednesday is one of the historic institutions for the English game and in recent days we have met fan representatives.
"We are seeking authority... which will enable us to take the club and similar situations submitted for our review if they require examination and addressed."
Monetary Issues and Leadership Concerns
Wednesday's embattled owner Dejphon Chansiri indicated in the summer he would be prepared to relinquish control at the stadium, but he has failed to complete a sale with prospective buyers.
Failure to pay player wages on time in earlier this year resulted in restrictions being imposed by the English Football League (EFL) in June, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although that restriction was lifted in late summer.
Authority's Position
Kogan said: "The position was created for the fans of Sheffield Wednesday, Bury or any football club where supporters are loyal to a local institution that has represented their community in numerous instances.
"I have absolute sympathy for the team's plight, as I do for each organization that in modern times have encountered failure, or nearly ceased operations, for factors unrelated to the followers."
Inquired if the regulator could force an owner to sell a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the response would be once we assemble the facts and know what's going on, we will."
But Kogan stressed that forcing owners to sell clubs would be considered the final option and the regulator would prefer to work with them.
"Our least desirable course of action is commence engagement with an individual club, an particular chairman, without being able to work with that owner to try and resolve the challenges confronting the team and the chairman's encountering," the regulator explained.
"However, realistically, when you look back over the history of the sport, over the last 20 or 30 years there have been particular chairmen, few in number, but certain individuals who have acted carelessly in the way which they've been managing their organizations and finally decline to assume obligation for the long-term prospects."
Wednesday followers have been voicing opposition to the team's chairman this season
'Mistakes could erase significant advances'
The chairman convened with representatives from 110 clubs to detail the scope 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.
"This position carries substantial significance, because if errors are made, if the sport makes errors, the extraordinary progress that's been made necessary will vanish rapidly," Kogan said.
"And that's what nobody wants in the context of the English game is a major achievement - we must maintain momentum.
"There's an enormous amount of money coming into football and has been channeled for the recent generations, because there are no assurances it will keep flowing into the sport, which is one of the reasons why I think we have to maintain a focused outlook on risk and of course, of the next two or three years."
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 Kogan said: "I fully support the achievement and development as an commercial operation of the elite league.
"As someone who appreciates the apprehension regarding damaging the Premier League as a premium product of England. But concurrently, 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 telling us in private they have a high level of reassurance."
Partisan Associations
The chairman continues to confront a "full inquiry" by the Commissioner for Public Appointments after he revealed he contributed money to the opposition group in the past.
The 68-year-old provided financial support for government minister the politician's campaign, along with that of the current Prime Minister.
"I have been entirely transparent regarding my previous political affiliation [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," the chairman stated.
"I am presently disconnected from any sort of politics."
