The government has backed the work of the fan-led review and insists "football requires a strong, independent regulator to secure the future of our national game".
The new regulator is the central recommendation of the fan-led review which the government commissioned in April in the wake of the European Super League storm.
Fan-led review: Key recommendations
- The UK government should create a new independent regulator
- The independent regulator should oversee financial regulation in football
- The independent regulator should establish a new 'fit and proper persons' test to replace the existing system which would also include an 'integrity' test on potential owners and 'real time' financial checks
- Fans should be consulted on all key off-field decisions through a 'shadow board'
- Equality, diversity and inclusion plans should be mandatory for all clubs
- Key items of club heritage should be protected by a 'golden share' for fans
- A new corporate governance code should be set up
- Women's football should be treated equally and given its own review
- Stakeholders should work to increase protection of welfare of players leaving the game
- There should be more support from the Premier League to the pyramid through a solidarity transfer levy
In a written statement to Parliament on Thursday, Culture Secretary Nadine Dorries said: "The government welcomes the work of the review and will now consider the detailed recommendations ahead of providing a full government response in spring 2022.
"The review demonstrates that there are fundamental issues with our national sport, and that this merits radical reform. Fans across the country want and deserve that reform. We have seen in the past how football has been unable to reform itself and to deliver changes that stop the likes of Bury FC or Macclesfield Town FC going out of business, or which stop clubs breaking away to set up the closed shop of a European Super League.
"We are at a turning point for football in this country. The review is a detailed and worthy piece of work that will require a substantive response and plan of action from across government. But the primary recommendation of the review is clear, and one the government chooses to endorse in principle today: that football requires a strong, independent regulator to secure the future of our national game.
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"The government will now work at pace to determine the most effective way to deliver an independent regulator, and any powers that might be needed.