First, I welcome the Bill. As others have encapsulated, our football clubs in this country are unique. They are institutions at the heart of their communities with long, long histories that far outlast whoever might be the chairman, the manager or the players in any period of time. That is why this regulator is overdue, and I very much welcome the work done to get us to this stage.

The regulator has an unenviable job. The number of things that people want to see addressed in football is huge. I am sure there will be all kinds of calls for the regulator to take action on things that fall outside its remit. The Secretary of State was at pains to clarify the regulator’s limited role around football. It is not about a new organisation running football; it is about ensuring that football is sustainable in the future. As my colleagues have said, this legislation has been introduced because football has been unable to break the logjam itself. It will be important for some of the remaining uncertainties in the Bill to be worked out in Committee.

Football is a business—generally a privately owned one—but it is also an institution. As we have heard from many speakers, one of the main reasons for that is that the fans remain. However, it is also a different kind of institution because of the rewards available to those who are successful and the appalling failure that happens when gambles go wrong. Many of us remember the Aston Villa versus Derby County play-off final. It was widely believed that whoever lost that game would end up going bust. Derby County, as we know, went into administration and is now in league one, while Aston Villa is fourth in the premier league with untold riches. For the sake of 90 minutes, those were the differences on the line that day. We cannot have a situation where one person’s gamble leads to that kind of success and another person’s gamble leads to the club almost ceasing to exist. We need the regulator to balance an individual businessperson having a go and the endangering of the cultural institution that is a football club, so that it is does not mean disaster if those having a go fail.

The success of the Premier League has been spoken about many times. My hon. Friend Mr Betts was right to say that the championship is the fifth biggest division in Europe. In addition, league one is the tenth most-watched league anywhere in Europe. Right down the pyramid, this country has a thing of unique strength. My club, Chesterfield, which is in the fifth tier, attracted 10,000 fans on Saturday. Its history is informative. Darren Brown almost bankrupted the club and ended up in jail because of the way he conducted himself as the head of Chesterfield. The fans had to step forward and save the club back in 2001. Then, we had Dave Allen as chairman. He got the new ground built and got the club to the edge of league one, but found that, with every further league the club went into, the losses grew.

It is a unique business in that losses grow as the club moves from league two to league one, and from league one to the championship, so there is a perverse incentive. Until the club reaches the promised land of the premier league, the losses grow all the time. Look at some of the losses that championship clubs are experiencing—it is just appalling. Dave Allen lost interest and the club was on the verge of bankruptcy again. The Chesterfield FC Community Trust stepped forward, and the passion, commitment and professionalism that the trust board members have introduced got Chesterfield back into the football league, now with the help of the Kirk brothers—local fans who have their heart in the club. The club is looking much brighter.

The truth is that almost all our premier league clubs are owned not by people with that kind of history and passion for the club, but by foreign-owned institutions and foreign Governments who do not have the same understanding of and commitment to what football is about. I welcome the fact that the Government have introduced the Bill, which enjoys cross-party support. Now, we need to ensure that it works.