Tracey Crouch hailed a "big day for football" after the government unveiled plans for a new independent regulator.
But worryingly for EFL clubs, the government has left it to football to sort out its own financial agreement with the Premier League - with any solution still miles apart. And Prem bosses are also concerned that the regulator will impact upon the top flight's long term success and also put off potential new owners and investors because it could restrict spending.
The major key point of the new White Paper - which will be published in parliament on Thursday - is a new licensing system which will give fans a say on the running of their clubs and also stop the threat of clubs staging any future breakaways to join a European Super League.
Former sports minister Crouch, who conducted a fan-led review into English football, said: "This is a big day for football in this country and I am delighted the Government has acted on the key strategic recommendations in my review.
"The introduction of a new independent regulator of football will strengthen our incredible pyramid, giving investors, fans and communities confidence in the governance of our clubs, enabling them to thrive in the best leagues in the world.
"Football is nothing without its fans, and the announcement today will ensure they remain at its heart while it continues to grow at home and abroad."
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The government conducted a fan-led review after the European Super League fiasco but also to ensure that there will not be a repeat of the financial disasters which nearly put Derby out of business and led to Bury being kicked out of the EFL.
EFL chiefs have been pushing for a greater share of football’s riches as they want to see an overhaul of the current parachute payment system for relegated clubs. EFL chief Rick Parry wants a 25 per cent share of pooled broadcast revenue while the White Paper is not thought to include a transfer levy which was proposed by Crouch.
Premier League clubs smashed all spending records in the last transfer window while more EFL clubs are under long term financial threat and the regulator’s reluctance to step in means it will be immediately seen as weak.
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Government chiefs insist that their “preferred outcome” is that the Premier League and EFL reach a financial agreement between themselves - but warned they will step in if necessary. Further detail will be revealed with the publication of the White Paper but the reality is that neither the EFL or the Premier League have been left particularly pleased.
The Premier League fear that future takeovers and also big signings could be left in jeopardy if investors fear falling foul of the new regulator.
And tellingly, four EFL clubs - Derby, Luton, Plymouth and Tranmere - are quoted in the government press release about the new regulator praising certain elements. But no Prem clubs were approached for their views.
The Premier League have voiced concerns in a statement and said: "The Premier League recognises the case for change in football governance and continues to implement stronger and more independent regulation. We are strengthening our ownership rules and are already providing £1.6 billion in financial support to the wider game in this current three-year cycle.
"We appreciate the government’s commitment to protect the Premier League’s continued success. It is vital that regulation does not damage the game fans love to watch in the deepest professional pyramid in the world, or its ability to attract investment and grow interest in our game.
"We will now work constructively with stakeholders to ensure that the proposed government regulator does not lead to any unintended consequences that could affect the Premier League’s position as the most-watched football league in the world, reduce its competitiveness or put the unrivalled levels of funding we provide at risk."
Lucy Powell MP, shadow culture secretary, was critical of how long the government has taken to appoint a regulator.
Powell said: "In the 15 months it’s taken the government to finally publish a football white paper, Derby County nearly went under, Oldham Athletic was relegated, Chelsea changed hands and Manchester United, Newcastle, Liverpool and Bournemouth were all put up for sale.
"The Premier League and EFL still haven’t reached a deal on finances. And now a European Super League 2.0 is back on the table."
