Arsenal vice-chairman Tim Lewis has revealed his concerns about the pending introduction of a football regulator and has warned its installation could damage the Premier League.

Speaking last week, Premier League chief Richard Masters conceded he was powerless to stop the respective government bill being passed and that the regulator could be in place by the summer. The league and many top-flight clubs are thought to be opposed to the regulator.

Lewis - as well as West Ham vice-chairwoman Baroness Karren Brady and Brighton CEO Paul Barber - have all shared their worries about the possible negative financial and sporting impact a third-party watchdog could have on the domestic pyramid.

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All three were in agreement regarding apprehension over possible restrictions on investment, something Masters had flagged as a concern of his too. The ultimate autonomy that owners may lose, despite a club being their own asset, worries Lewis.

Further speaking to the Times, Lewis also added: “Another example is revenue distribution: it could mean moving money from one billionaire owner in the Premier League to another billionaire - I think there are 14 billionaires in ownership positions in the Championship.”

Since the Labour government took power, there has been one significant change made to the proposed bill; the ability for the regulator to have some control over parachute payments - the money handed to relegated clubs.

Lewis said such oversight by the regulator would “damage the Premier League”. He continued: “It will be a less enticing place for people to watch football, wherever they are in the world, whether in a stadium or via a screen.

“Parachute payments are essential and just as important for clubs who are not at such a risk of relegation. The whole pyramid is dependent upon the Premier League’s success.”

There are also suggestions that the regulator could hold ‘backstop’ powers to intervene and order a settlement regarding the amount of money the Premier League passes down to the EFL.

Arsenal chief Lewis takes issue with this proposal, stating that what is currently being outlined “is not going to fly”.

“There are things to be concerned about [with] the backstop. There is already an extremely good deal that is a voluntary deal,” he argued.

“It’s not that we’re not open to increasing that amount, where that can be justified and the funds are put to a proper use - but not simply a pile of £50 notes being burned on wages.

“It’s far better if it’s a voluntary deal and you don’t have a regulator with a baseball bat because that inhibits - and has already inhibited - free discussion about any increase.”

Lewis went on to explain how Brexit had made access to overseas talent much more difficult and called for a review on how best to navigate the new parameters.

“I’d also like it to look at better regulation of agents: in excess of £400million left the English game last year last season in the direction of agents,” he added.

Lewis has implored the new government to engage with those who have concerns about the bill, “as opposed to the political leadership we had prior to the election”.

In a statement to the Times, a Department of Culture, Media and Sport spokesperson said: “The government has engaged extensively with fans, clubs and the leagues at every stage of the process in developing the Football Governance Bill.

"The Bill is the culmination of years of work and it is simply wrong to claim that there has been no consultation. The independent regulator’s remit is to maintain financial sustainability in English football, so excluding parachute payments, or the backstop, would seriously hinder its ability to operate effectively.

“We will continue to engage with stakeholders throughout the Bill’s passage and beyond as we work to protect clubs, empower fans and keep clubs at the heart of their communities.”