The Independent Regulator for Football (IREF) will have the power to step in to address cash flow and other systemic issues within clubs, many of which are financially vulnerable.
"Legislation will be brought forward to safeguard the future of football clubs for the communities and fans," King Charles said of the Football Governance Bill in his speech.
Fair Game, a band of clubs campaigning to improve football governance, described the announcement as an "historic moment for football".
It is a unique strength of the English game and something that must be protected and nurtured," Parry said.
Since the 1999-2000 season, 19 out of 23 Premier League seasons resulted in pre-tax losses for all clubs combined.
Persons:
Park, Newcastle United's Kieran Trippier, Lee Smith, Rishi Sunak, King Charles, Niall Couper, Rick Parry, Parry, Tracey Crouch, Crouch, Lori Ewing, Ed Osmond
Organizations:
Soccer Football, Premier League, Newcastle United, James, Newcastle, British, Independent Regulator, Football, Bury FC, Super League, Sheffield, Reading, Scunthorpe United, English Football, Former Sports, England, Independent, LaLiga, Premier, Thomson
Locations:
Newcastle, Britain