A Regulator for Football - Yet another Quango

According to today's Sunday Telegraph, the Government is considering appointing a regulator to oversee football.
This has apparently been brought about by the recent string of financial crises which have occurred in some leading clubs. The proposal is that the game would effectively be run under licence from a government appointed regulator in a similar manner to the privatised utilities.
What on earth has a sport got to do with the government? I never understood why we had to have a Minister for Sport, this is an even more ridiculous proposal. If the clubs are formally constituted as companies, they should be dealt with under company law; no special arrangements should be necessary.
It is claimed that there is "a great deal of anger over what has happened recently", but this is hardly a reason for interfering. As far as I can see, the anger is mainly confined to the Revenue to whom Portsmouth owe £7.4 million in tax, and to the Portsmouth fans who object to their club being forced into bankruptcy by the Revenue. It is perhaps reasonable to ask why the Revenue allowed such a large debt to accumulate.
But Quangos can't resist expanding their remit. What about racial equality - do we have enough white players in the major teams? And they'd better keep an eye on school football (where it still exists); have the child protection laws been met?
How long before it starts to look at other sports such a Rugby and Cricket?
How do I apply for the job as Chairman?