'Our role is integral to football's future' - football oversight chief David Kogan
The Championship club's persistent issues are seen as a "serious issue" and the football regulator is aiming to acquire authority to investigate clubs in such situations, the recently named head the official has stated.
In a wide-ranging interview, the chairman, who was recently selected, showed understanding towards supporters of the Owls.
Kogan met with four supporters' associations connected to the Championship side in recent days.
The football club have been experiencing difficulties in multiple areas in the current year, with the club delaying salary disbursements on multiple instances, including in last month.
"Evidently Wednesday represents a major concern for the league and a major challenge for the sport," the regulator explained.
"Wednesday stands as one of the great brands for football in England and recently we have met supporters' organizations.
"We're now looking to get powers... which will enable us to take Wednesday and comparable cases referred to us if they warrant scrutiny and dealt with."
Financial Struggles and Proprietorship Status
Wednesday's embattled owner the Thai businessman suggested earlier this year he would be willing to sell up at their home ground, but he has been unable to finalize an agreement with prospective buyers.
Missed wage deadlines on time in March and May led to sanctions by the English Football League (EFL) in summer, stopping Wednesday from completing any transfers or loans for the subsequent signing windows, although those limitations were removed in August.
Regulator's Perspective
Kogan said: "The position was created for the Owls followers, teams facing challenges where supporters are loyal to a local institution that has existed throughout their lifetimes in multiple situations.
"I have absolute sympathy for the club's situation, as I do for every team that since 1992 have gone to the wall, or been close to going to the wall, for causes separate from the supporters."
Questioned about whether the regulator could force an chairman to relinquish a club if they are deemed unsuitable, the chairman responded: "When asking whether 'would we intervene in the final instance?', the reply is once we gather the evidence and understand the situation, we will."
But Kogan stressed that compelling proprietors to divest clubs would be considered the final option and the regulator would prefer to work with them.
"The last thing what we want to do is start getting involved with an individual club, an individual owner, without being in a position to cooperate with that proprietor to address the challenges confronting the team and the chairman's encountering," the chairman stated.
"In actuality, when you examine the past of football, over the recent generations there have been certain proprietors, few in number, but some who have been irresponsible in the manner they have operated their teams and eventually refuse to accept accountability for the long-term prospects."
Wednesday followers have been voicing opposition to the current proprietor in recent months
'Mistakes could erase significant advances'
Kogan met with delegates from multiple organizations to lay out the remit of the regulator on Wednesday and stated it constituted a "progressive gathering" with a "significant participation" from the National League to the Premier League.
"The role holds considerable importance, because if errors are made, if the world of football gets it wrong, the extraordinary progress that's been made might evaporate incredibly quickly," the regulator warned.
"This represents everyone's worst fear in the terms of English football is a substantial accomplishment - we must maintain momentum.
"There's an enormous amount of money coming into football and has been channeled for the recent generations, because certainty is lacking it will persist in entering the game, which is one of the reasons why I think we have to maintain a focused outlook on potential dangers and naturally, of the coming seasons."
Elite Division Worries
Top flight officials resisted the establishment of an oversight body because of fears of a negative impact on the top-flight's competitiveness, but the regulator stated: "I completely endorse the success and growth as an commercial operation of the top division.
"Being fully aware of 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, in fact, they have been informing us confidentially they have a high level of reassurance."
Ideological Links
The regulator remains subject to a "comprehensive investigation" by the official appointments authority after he acknowledged providing funds to the Labour Party in the past.
The official donated money to Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the government leader.
"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," Kogan said.
"I currently have no participation in any form of political activity."