● The Fan Led Review of Football Governance calls for major changes in the way English football is run, with the government imposing an independent regulator (IREF). The government has indicated support for an IREF.

● There is tension between the legal and commercial reality of football clubs as private businesses, and the way many fans understand the club they support as a more intangible community that ‘belongs’ to them. Private legal owners sometimes take actions that conflict with the wishes of these fans.

● The Review proposes to address this by way of a formal, statemandated regulatory system. But rather than protecting the equity stake and preferences of fans in the face of the commercial interests of private ownership, this may substitute the preferences of technocrats and drive out investment from the game.

● Regulating an industry imposes many costs, including compliance costs and disincentives to investment and innovation. It hasn’t protected industries such as energy, water and financial services from regular problems and occasional crises.