A regulator could step in to manage Premier League assets (Image: PA)

Sports secretary Stuart Andrew says a new independent regulator will step in if football cannot agree on finances.

On a historic day for sport in England, the government has released a white paper on the governance of football, including a new independent regulator to ensure the financial sustainability of the game and the clubs’ accountability to supporters.

If no agreement is reached, the government is considering giving the regulator the last word.

Crucially, the government agreed with the 2021 fan-led assessment that the regulator should have backstop powers to resolve the dispute over how the Premier League’s huge fortunes are distributed across leagues.

Andrew said he felt the Premier League should do more to help the wider pyramid and shared some fans’ frustration, but added: “To be fair, the Premier League has expressed the view that more money is needed So we say to them, “Well, if that’s all right with you, sit down and close the deal as soon as possible.”

He said he had no timetable for how long it would take football authorities to reach an agreement before taking action, but added: “We recognize the urgency. I am aware that this is the No. I regularly receive from fellow MPs and supporter groups.

“You could do it now – I hope we have shown that we care about this regulator. We are doing this. The ball is in their court – otherwise the regulator checks these criteria and intervenes. I would say the clock was ticking before we released this.’