The bill was launched on Tuesday and must go through parliamentary process before it is made law.
The government announced plans to appoint a regulator in February last year, following a fan-led review in 2021.
Legislation would grant powers to a body, independent of government and football authorities, to oversee clubs in England's top five men's tiers.
The regulator would have powers revolving around three core objectives: improving financial sustainability of clubs, ensuring financial resilience across the leagues and safeguarding English football's heritage.
The bill includes backstop powers around financial distribution between the Premier League and the EFL, so that if the parties continue to fail to agree on a 'new deal', the regulator can ensure a settlement is reached.
The Premier League had been expected to come up with proposals to put to the EFL almost two weeks ago-anticipated to be around £900m over six years-but nothing was forthcoming, adding to EFL frustration.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
NUNEZ SPARKS ROUT OF IN-FORM TIGERS
NORWICH City boss Johannes Hoff Thorup was delighted with his side’s performance as they made it four wins in six games to maintain their climb up the table after a slow start.
SHAUN RUES SOFT LATICS' BORE DRAW
WIGAN manager Shaun Maloney had mixed emotions after his side drew at Stockport to make it six games unbeaten.
Bielik's words are own goal for Blues
IN MY early days at Brighton, we won back-to-back promotions and were practically unstoppable.
CLAIMS OF RACISM TO ASSISTANT MAR DRAW
PORTSMOUTH boss John Mousinho apologised to assistant referee Bhupinder Singh Gill for alleged discriminatory comments made from the stands during the draw with Oxford United.
WILDER'S PUSH FOR BIRTHDAY BOY RAK-SAKYI IS PAYING OFF
Hatters in slump as loan star hits brace
ARGYLE STUN ROVERS AFTER WAYNE SEES RED
PLYMOUTH assistant head coach Pete Shuttleworth praised Argyle’s never say-die attitude as the greens secured a last-minute win over high-flying Blackburn.
Former teen star is now real deal
FAMOUSLY, Karamoko Dembele was just 13 when he made his debut for Celtic’s under-20 side in 2016.
DERBY DATE SO VITAL FOR OMER
Interim boss has chance to boost bid
LINDSEY LINK-UP LIFTS LAURENCE!
LAURENCE Maguire has been reunited with Scott Lindsey at MK Dons - and believes his old boss is the right man to propel them into the League Two promotion shake-up.
I WANT TO ADD MORE ELLIOT
NEW Crawley Town boss Rob Elliot has promised evolution not revolution after stepping into the huge shoes vacated by Scott Lindsey.