Independent regulator will review parachute payments and assess financial flows, governance, debt, ownership and sustainability across the top five tiers of English men's professional football.
The Debate: Will an independent regulator make a difference in football?
An independent regulator could redistribute revenue down the pyramid, reduce parachute payment imbalances, curb reckless spending, and strengthen lower-league club stability.
How relegated clubs bouncing back to the Premier League makes the rich richer | Philippe Auclair
All three clubs promoted from the Championship to the Premier League face immediate relegation, reflecting financial difficulties and competitiveness issues.