West Ham owner David Sullivan led the Premier League backlash against an independent football regulator, warning the proposal could "wreck" the English top-flight and accusing the government of tinkering with a "winning formula".
The government on Tuesday advanced plans for an independent regulator with the introduction of the Football Governance Bill to Parliament.
The new body - which was the principle recommendation of MP Tracey Crouch's fan-led review into football governance in 2022 - would be independent of government and the game's existing authorities, and have sweeping powers to oversee clubs in England's top-five tiers.
The legislator would also be able to intervene if the Premier League and the English Football League (EFL) cannot agree a deal on funding.
The legislation has been warmly welcomed by the EFL and fan groups, including the Football Supporters' Association (FSA).
But in a measured statement, the Premier League warned of "unintended consequences...that could weaken the competitiveness and appeal of English football", while Sullivan accused the government of unnecessary interference.
"The government has shown an inability to run anything," Sullivan said. "We are now going to be forced to pay for something we don’t want.
"The Premier League is the best league in the world so why change a winning formula?
"I hope the government don’t wreck something that works. This means we will be competing with teams from leagues in Europe who give a fraction of the money Premier League clubs give to both the EFL and grassroots football.
"If over the coming seasons the Premier League ceases to be the best league in the world it will be down to an interfering government."
Prime Minister Rishi Sunak described the legislation - which must pass through Parliament before being made law - as a "historic moment for football fans".
He added: "It will make sure their voices are front and centre. Football has long been one of our greatest sources of national pride.
"But for too long some clubs have been abused by unscrupulous owners who get away with financial mismanagement, which at worst can lead to complete collapse - as we saw in the upsetting cases of Bury and Macclesfield Town."
Crouch's fan-led review into football governance was launched in 2022 in response to a number of crises, including widespread financial mismanagement across the professional game and plans for a breakaway European Super League.
Clubs from the National League to the Premier League will be required to obtain a licence from the regulator, which will force them to consult supporters on key decisions relating to heritage and strategic direction.
New owners and directors will also face tougher tests, while the regulator will also have the power to sanction clubs who break financial rules.
Rick Parry, chair of the EFL, said: "If delivered on the right terms, this landmark legislation can help fix the game's broken financial model."
