The Football Assocation is being urged to make big changes in order to protect the future England's football heritage.
The Commons Culture, Media and Sport Committee has recommended that more rigorous measures should be taken to ensure that football throughout the English Football Pyramid is sustainable.
John Whittingdale MP, who chared the committee said: "Significant changes need to be made to the way the game is run to secure the future of England's football heritage.
"No one doubts the success of the Premier League in revitalising English football. But it has been accompanied by serious financial problems throughout the football league pyramid."
The CMS Committee has made a range of other recommendations including bringing an end to the controversial Football Creditor's Rule, more consistent implementation of the fit and proper persons test in relation to ownership, an FA review of football at grass roots level, and a restructuring of the FA board.
The findings and recommendations will now be passed over to Sports Minister Hugh Robertson who will formulate the government's response and will then relay this to football's governing bodies.
The Football Association and the Premier League has resisted interference from parliament and in a statement a Premier League spokesman said: "The CMS Select Committee has undertaken a lengthy and considered inquiry into the governance structures of English football, one we were happy to contribute to with both written and oral evidence," the Premier League said in a statement.
"We, along with the other football authorities, will now consider the report's contents and await the Sports Minister's response before taking a view on the recommendations and any part the Premier League may have to play in implementing them."