MANCHESTER, England - An independent football regulator (IFR) for the English game is a step closer to becoming reality, with the Football Governance Bill set to be introduced to parliament on Thursday in the House of Lords.

Aimed at addressing the significant issues facing the financial sustainability of the elite game in England, the bill will "deliver on the Government's manifesto commitments, and empower fans and keep clubs at the heart of communities," the Department for Culture, Media & Sport (DCMS) said in a statement on Wednesday.

The regulator will have the power to tackle rogue owners and directors, implement a club licensing regime to help ensure a more consistent approach in the running of clubs, monitor club finances and improve fan engagement throughout the football pyramid.

"Football is too important in this country to be left solely in the hands of individual owners to design its future," former Manchester United player and co-owner of Salford City FC Gary Neville said in a statement. "We've seen inequality across the game grow but now independent regulation can act as a catalyst to create a thriving and sustainable game for future generations."

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The previous government had announced plans to appoint a regulator last year, saying it was necessary to protect clubs from financial mismanagement and to stop wealthy teams from joining breakaway leagues.

Prime Minister Keir Starmer's government committed to the regulator after being elected in July.

What the government has called a strengthened bill is being introduced at a key time for English football, on the heels of an attempted breakaway European Super League and the financial mismanagement of numerous clubs.

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"In recent years we've seen the devastating impact of the collapse of clubs like Bury and Macclesfield," the DCMS statement read. "These cases came about as a result of fundamental governance problems in the game that have led to excessive and reckless risk-taking, with many clubs living way beyond their means."

The Premier League said in a statement they were concerned that banking-style regulation could negatively impact English football, if "unprecedented and untested" powers were handed to the regulator.

"With our clubs, we will continue to work with government and parliamentarians to consider appropriate checks and balances in the legislation to protect the hard-won position of English football, which is globally admired, a vital source of soft power and a driver of economic growth all over the country," the league said.

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The introduction of the bill is the first stage in the legislative process, which will see it debated by both the House of Lords and the House of Commons before becoming law.