The bill, tabled initially in March, failed to pass through Parliament before the general election was called in May.

But in “major changes” to the proposed legislation, the Labour government is set to strengthen the regulator’s remit, which will oversee clubs in the top five tiers of the game.

Culture secretary Lisa Nandy said: “For too long, financial instability has meant loyal fans and whole communities have risked losing their cherished clubs as a result of mismanagement and reckless spending.

“This bill seeks to properly redress the balance, putting fans back at the heart of the game, taking on rogue owners and crucially helping to put clubs up and down the country on a sound financial footing.”

In a statement, the Premier League said it “recognises that key elements of the bill can help make the English game stronger”.

It added: “We remain concerned about the regulatory framework. Specifically, we believe rigid banking-style regulation, and the regulator’s unprecedented and untested powers to intervene in the distribution of the Premier League’s revenues, could have a negative impact on the league’s continued competitiveness, clubs’ investment in world-class talent and, above all, the aspiration that drives our global appeal and growth.

“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.”