'We are going to be a part of football's future' - football oversight chief David Kogan
The Championship club's current difficulties are seen as a "major concern" and the new football authority is seeking powers to look into club affairs in similar circumstances, the recently named head the official has stated.
In a wide-ranging interview, Kogan, who was recently selected, showed understanding towards supporters of the Owls.
The chairman convened with four supporters' associations representing the South Yorkshire club recently.
The Championship side have been facing challenges both on and off the pitch in this season, with the club missing wage payments on several different times, including in the autumn.
"Obviously the club has become a serious issue for football authorities and a significant problem for football," the regulator explained.
"The club represents one of the great brands for English football and recently we have met Sheffield Wednesday supporters' groups.
"We're now looking to get powers... which will allow us to have Sheffield Wednesday - and other clubs submitted for our review if they warrant scrutiny and dealt with."
Economic Challenges and Proprietorship Status
The club's controversial proprietor Dejphon Chansiri suggested earlier this year he would be willing to sell up at Hillsborough, but he has failed to complete a sale with potential new owners.
Missed wage deadlines on time in spring months caused limitations by the football authorities in June, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although those limitations were removed in late summer.
Authority's Position
The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a community organization that has existed throughout their lifetimes in many cases.
"I have absolute sympathy for the club's situation, as I do for each organization 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 followers."
When asked if the authority might compel an chairman to relinquish a club if they are judged inappropriate, the regulator answered: "When asking whether '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 chairman emphasized that requiring chairmen to relinquish clubs would be viewed as the ultimate measure and the authority would rather to work with them.
"The final option we would consider is begin intervening in an specific team, an particular chairman, without being in a position to cooperate with that owner to try and resolve the problems affecting the organization and the proprietor's dealing with," the regulator explained.
"In actuality, when you examine the past of the sport, over the last 20 or 30 years there have been certain proprietors, a small minority, but some who have been irresponsible in the way which they've been managing their teams and eventually don't wish to take responsibility for the long-term prospects."
Sheffield Wednesday supporters have been protesting against owner Dejphon Chansiri during the current campaign
'If we get it wrong, extraordinary progress vanishes'
Kogan met with officials from numerous teams to detail the scope of the authority recently and insisted it was a "forward-thinking discussion" 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 world of football gets it wrong, the remarkable development accomplished could disappear swiftly," Kogan said.
"And that's what nobody wants in the realm of domestic football is a substantial accomplishment - we need to continue the progress.
"Considerable investment coming into football and has been channeled for the last 20 or 25 years, because there's no guarantee it will keep flowing into the sport, which is part of the rationale behind I think we have to take a really clear view on risk and of course, of the next two or three years."
Elite Division Worries
Elite division representatives objected to the creation of a regulator because of concerns about detrimental effects on the top-flight's competitiveness, but Kogan said: "I'm absolutely committed to the prosperity and expansion as an economic entity of the elite league.
"As someone who appreciates the worry about compromising the top flight as an elite competition of this country. But concurrently, if you engage with division representatives after this week's discussion, they would have had a substantial amount of confidence -and, indeed, they have been advising us privately they have a high level of reassurance."
Political Connections
The regulator remains subject to a "thorough examination" by the official appointments authority after he disclosed making donations to the opposition group in the past.
The chairman donated money to government minister the politician's campaign, along with that of the government leader.
"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," the chairman stated.
"I am no longer involved in any type of partisan engagement."
