My understanding is that it will be a test of the licensing system. It is about ensuring sustainability, and not just when an owner comes along and says they want to buy a club. They need to show that they can actually sustain that ownership going forward. That is the difference between the current rules and the rules that are being proposed, which we can test further in Committee.

Can the regulator really regulate sovereign wealth funds that own clubs? I have asked the Minister about that before, and it is something else that we have to look at, because it is a challenge to the system. I welcome the fact that fans will have a veto over their club changing its colours or name, but there is nothing in the Bill that says that fans have to be consulted about a change of grounds. The regulator has to approve it, but there is no right for fans to be consulted. We need to have a look at that.

I come back to my own club, Sheffield Wednesday—I have mentioned them once, and I will mention them again. They welcome the proposals and the EFL’s approach to the review, and they recognise the need for a change in the distribution of resources. I am not sure that the owner will be that enthusiastic about the change to require him to consult the fans properly. Many owners are like that—they want to go through the motions. Are they really going to engage in a meaningful way? That will be a real challenge for the regulator at a number of clubs. I understand why the form of consultation is not specified, but it will still be a challenge going forward and we need to keep an eye on it.

Finally, I come back to the FA cup. The Minister said it is not our job to get involved in football competitions, but the fan-led review was triggered by some clubs wanting to change the competition they play in by going to the European super league. That involved a handful of rich clubs deciding that they could be better off there. We now have a handful of rich clubs deciding that European games are more important than FA cup replays—that is what is happening.

When Arsenal won the FA cup in 1979, they had five replays, four of which were against Sheffield Wednesday in one round. I remember it all these years later, because it was a great achievement. Three of those replays were at the old Filbert Street ground. We remember those things as football fans, and we should not take them away from the game. I say to the Minister that one of the requirements of the regulator is to ensure that the heritage of English football is safeguarded. Will the regulator have the power to do that under the Bill’s rules, and is the FA cup and its replays not part of the heritage?