The current Labour government believes the regulator is instead needed to stop unscrupulous, or simply incompetent, owners from bankrupting football clubs and severing a key part of many English communities.
The financial mismanagement of clubs like Macclesfield Town, which was wound up in 2020, and Derby County, which almost followed the same path, are often cited as examples by government figures.
Culture Secretary Lisa Nandy told a recent meeting of executives from across professional football that Bury FC’s 2019 slide into administration was powering her efforts on the bill, according to one person in attendance.
Seeing red (tape)
However, Premier League clubs are still furious at attempts, in their opinion, to overregulate a booming British industry.
One issue causing concern among owners is the government mandate that Premier League clubs will be forced to cover the majority of the new regulator’s operating costs, which could be well over £100 million over the next decade.
One football industry figure said the lack of clarity around these sums and how they will be levied is creating an uncertain climate for potential investors.