Following a consultation process with clubs and the football authorities, the Government confirmed on Thursday that it is 'minded' to set up the new regulator independent of any existing body, but that all options remain under review.
It said it will continue to work with and engage industry and fan groups as the proposals develop.
Despite the global success of English football, there have been more than 60 instances of clubs being put into administration since 1992.
The Government have said they will make sure the regulator has a tightly defined scope focused on four major areas: financial resources, suitable owners, fan interests and approved competitions.
Their preferred option on financial redistribution between the leagues continues to be a football-led solution. The Government believes the financial health of clubs and their role as community assets is of paramount importance and has urged the football authorities to come to a swift agreement in the interests of clubs and fans.
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