The regulator will be backed by primary legislation to provide it with the statutory powers to licence and sanction clubs, the statement said.
The review looked into problems in the game following fan protests over lower league clubs going into administration and controversial plans from the top clubs like the proposed breakaway European Super League. The regulator will also be tasked with applying an enhanced owners' and directors' test, both ahead of an acquisition of a club but also on an ongoing basis.
It will replace the current tests administered by the Premier League, English Football League and the Football Association.
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