'We will play a key role in football's future' - newly appointed regulator David Kogan
The team's ongoing struggles are seen as a "serious issue" and the football regulator is aiming to acquire authority to look into club affairs in such situations, the newly appointed chairman the regulator has declared.
During an extensive discussion, Kogan, who was appointed on Monday, voiced concern towards Wednesday's fanbase.
The regulator engaged with four supporter groups connected to the football team in recent days.
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.
"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," the regulator explained.
"Sheffield Wednesday is 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 enable us to take Sheffield Wednesday - and other clubs brought to our attention if they need to be investigated and acted upon."
Financial Struggles and Proprietorship Status
The team's struggling chairman the Thai businessman stated during the off-season he would be willing to sell up at Hillsborough, but he has failed to complete a sale with potential new owners.
Delayed salary payments on time in earlier this year caused limitations by the English Football League (EFL) in summer, blocking the team from conducting any player acquisitions for the next three transfer windows, although those limitations were removed in the end of the transfer window.
Regulator's Perspective
Kogan said: "The job [of the regulator] is there for the supporters of Wednesday, teams facing challenges where supporters are loyal to a community organization that has existed throughout their lifetimes in numerous instances.
"I fully appreciate the team's plight, as I do for each organization that over recent decades have faced collapse, or approached financial ruin, for reasons that have nothing to do with the supporters."
When asked if the oversight body could require an chairman to relinquish a club if they are considered unfit, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the reply is once we assemble the facts and know what's going on, we will."
But the regulator clarified that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the oversight body would choose to cooperate with proprietors.
"Our least desirable course of action is commence engagement with an individual club, an particular chairman, without having the opportunity to collaborate with that owner to try and resolve the issues that the club's facing and the owner's facing," Kogan said.
"In actuality, when you review the record of football, over the last 20 or 30 years there have been particular chairmen, not many, but certain individuals who have acted carelessly in the approach they have taken toward their clubs and ultimately decline to assume obligation for the future."
Owls fans have been protesting against owner Dejphon Chansiri this season
'If we get it wrong, extraordinary progress vanishes'
The chairman convened with delegates from multiple organizations to detail the scope of the regulator on Wednesday and insisted it was a "proactive meeting" with a "high level of engagement" from the National League to the Premier League.
"This position carries substantial significance, because if we get it wrong, if the sport makes errors, the significant advances achieved might evaporate incredibly quickly," 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 flowing into the game and has been invested for the last 20 or 25 years, because there are no assurances it will continue to come into football, which is among the factors explaining I think we have to take a really clear view on risk and of course, of the immediate future."
Top Flight Apprehensions
The Premier League opposed the creation of a regulator because of apprehensions regarding adverse consequences on the elite division's competitive balance, but Kogan said: "I fully support the prosperity and expansion as an economic entity of the top division.
"I of all people understand the concern of undermining the top flight as an elite competition of this country. But concurrently, if you consult with top flight officials after today's meeting, they would have had a high level of reassurance -and, actually, they have been advising us privately they have a considerable comfort."
Political Connections
The chairman continues to confront a "comprehensive investigation" by the Commissioner for Public Appointments after he acknowledged providing funds to the political party in recent years.
The 68-year-old provided financial support for Culture Secretary the minister's leadership bid, along with that of the current Prime Minister.
"I have been entirely transparent regarding my past party membership [with Labour], and that ideological connection terminated the day the parliamentary committee confirmed my selection," Kogan said.
"I am no longer involved in any form of political activity."
