Local MPs Shailesh Vara and Paul Bristow have had discussions with Leighton Mitchell, interim chief executive officer of Peterborough United Football Club, following the Government’s announcement to appoint an independent regulator for football.

The appointment of a Regulator is one of the key recommendations made following a review of football carried out by Tracey Crouch MP.

The regulator requires clubs to show that they are financially sound and that they have good corporate governance. Importantly, the regulator will have responsibility to ensure stability of the wider football pyramid.

Other recommendations made by the review include strengthening the test for owners and directors and greater tests on the source of club funds.

Fans will have a greater say in the running of clubs and the regulator will have powers to block clubs from joining breakaway leagues, such as the European Super League.

The regulator will also have powers over financial redistribution, intervening when the financial position of the football pyramid is at risk.

When clubs are unable to sort out matters themselves, the regulator will be able to step in to safeguard the game.

Mr Vara and Mr Bristow made clear to Mr Mitchell their support for Peterborough United as the changes are brought in.

They particularly welcomed the proposal for a fair distribution of wealth throughout the football pyramid, so that all clubs are sustainable.

Mr Vara said: “English football is a global success, and we must ensure that it remains so. I welcome these proposals which will help to protect and safeguard clubs across England. I am particularly pleased to see that there will be stronger measures in place to protect smaller clubs, such as POSH.

It’s important that there is fairness and sustainability throughout the football pyramid, which will help to protect the long term success of our national game.”

Mr Bristow added: “The Government have endorsed the key recommendations from the fan-led review.

This means an Independent Regulator that will guarantee financial fair play, new rules that will ensure football clubs have credible owners and a system where money will be shared across the football pyramid.

This is important for football, for fans, and for clubs like Peterborough United. It is often said that football is more than just a game – and for many this is true. The nation’s favourite sport will be nothing without the fans and it’s right that their views are front and centre.”

Mr Mitchell commented: “Peterborough United welcomes the findings of the White Paper including the appointment of an independent regulator.

The package of proposals represents an opportunity to ensure the long term stability of the football pyramid and improve the financial sustainability of individual clubs.”