The Commons Culture, Media and Sport Committee declares that the Football Association must do more to encourage "financial transparency" amongst clubs or risk facing legislation
The recent findings call for the Football Association to do more to encourage diversity and ensure that English clubs are financially sound.
And sports minister Hugh Robertson MP insists that the guidlines must be followed, telling BBC Sport: "We welcome the report.
"The report from the House of Commons Culture, Media and Sport committee shows the will there is across Parliament for football to modernise and change for the better.
"We have been clear that we want the football authorities to carry out the reforms they promised by the start of the 2013-14 season - most notably around improved governance and diverse representation at the FA, the development of a licensing system and greater financial transparency.
"If football does not deliver then we will look at bringing forward legislation."
|"We want the authorities to carry out the reforms they promised ... improved governance and diverse representation at the FA, a licensing system and financial transparency"
- Hugh Robertson MP, sports minister
The FA, Premier League and Football League have since responded in a join statement which claims that the recommendations are already being acted upon.
"Significant headway has already been made on many of these proposed reforms, not least on sustainability and transparency," it read.
"The remaining reform proposals are the subject of consultation within the game and we are confident that the necessary progress will be made."