Pompey's chief executive believes the new Football Governance Bill will help make the game more sustainable - and protect clubs from rogue owners.
Andy Cullen has welcomed the new legislation and thanked local MPs who have helped push it forward.
The new bill will grant powers to a football regulator – independent of the government and football authorities – to oversee clubs in the top five tiers of the men’s game in England.
The core objectives will be to improve the financial sustainability of clubs, ensure financial resilience across the leagues and safeguard the heritage of English football.
The bill will require clubs to hold a licence with requirements on fan engagement, corporate governance and financial reporting. A new owners’ and directors’ test is also proposed within the bill - a sore subject with Blues fans as far as some past Pompey regimes are concerned.
Cullen told the Pompey website: "Portsmouth Football Club firmly believe that this bill is essential in ensuring that all clubs operate in a responsible and financially sustainable manner, so we are pleased to see that the bill has finally been introduced into Parliament.
"We would like to thank our local MPs, Stephen Morgan, Penny Mordaunt and Dame Caroline Dinenage, for their full support towards ensuring that the bill has now been sent to Parliament. They have all been fully engaged throughout this process and we are grateful for their ongoing support.
"Their contribution will help to deliver a more financially sustainable industry, while safeguarding our clubs – both for the communities they serve, as well as for current and future supporters of all clubs.”
EFL chair Rick Parry said: "The EFL welcomes the arrival of the Football Governance Bill to Parliament in what we hope will be an important milestone to help us secure the long-term financial sustainability of England’s football pyramid.
"If delivered on the right terms, this landmark legislation can help fix the game’s broken financial model by offering the independent input ultimately needed to help ensure that all clubs can survive and thrive in a fair and competitive environment.
"The establishment of the Independent Football Regulator will be at the heart of this reform and we are encouraged that the regulator will be given backstop powers to deliver financial redistributions should the game be unable to agree a deal itself.
"In recent years, we have been working with Government and across Parliament on a cross-party basis. It is clear there is an appreciation of just how important professional clubs are to their communities and why they must be protected.
"We are pleased that the Government has stated its commitment to the State of the Game Review, which will provide the basis for the Independent Regulator’s work in making the game financially sustainable.
"The League looks forward to contributing to that review while simultaneously working with EFL clubs, parliamentarians and officials to ensure that the Football Governance Bill is fit for purpose and can deliver the best regulatory regime to safeguard our game for generations.
"Finally, on behalf of the EFL I would like to thank MPs, peers, fans and all those who have helped get the bill to Parliament and we will continue to work collaboratively in the months ahead.”