The publication of the UK government's long-awaited white paper, proposing reforms to shake up football, is expected later this month.

Expected proposals include the introduction of an independent football regulator in England - a move the EFL has endorsed.

Rick Parry, the EFL's chief executive, has repeatedly called for an end to "evil" parachute payments given to clubs relegated from the Premier League, which he says only serve to increase the desperation of clubs to reach the top flight.

It has also led to, he estimates, total losses of between £300m-£400m in the Championship.

But Parry accepts there are other issues within the game that need addressing.

In the week of a sell-out EFL Cup final between Newcastle United and Manchester United at Wembley, Parry knows the expansion of the Champions League from 2024 will squeeze the calendar even more, placing his organisation's flagship competition at risk.

"Last year we had a record TV audience of four million for the Carabao Cup final," said Parry. "Attendances are up near record levels.

"If you ask the fans of Newcastle and Manchester United whether it matters, they would probably say it does.

"But of course we recognise there are challenges with the calendar. Are we prepared to have constructive dialogue, given those challenges? Yes, of course. We are prepared to consider pretty much every possibility.

"The calendar, development of young players and redistribution all need to be looked at together."

Parry also discussed National League demands for three promotion places.

From 2004 the National League has had two spots to the EFL. Unlike what has happened between the Premier League and Championship, no side that has gone up since then has come straight back down the following year.

"We are having a lot of discussion about three up, three down," added Parry. "We absolutely recognise the need to look downwards as well as up. We have to be consistent in our approach.

"We haven't put proposals to our clubs yet, but do we envisage that being part of the package we put forward? Yes, 100%."

EFL 'trying to avoid another Bury'

While a football regulator has been viewed as someone who can step in to challenge issues at the top end of the game - such as the threat of a potential European Super League and disputes over club ownership - Parry feels the welfare of the football pyramid is paramount.

It is three and a half years since Bury were expelled from the EFL after financial troubles and failed takeovers.

Several clubs have also had difficulties since then:

• Macclesfield went out of business - before being reformed at the bottom of the non-league pyramid by former Premier League player Robbie Savage
• Derby went into administration and were almost bought out by US businessman Chris Kirchner, who is facing 20 years in prison after being charged with fraud by the FBI last week
• Wigan had to be rescued from a perilous financial position after being put into administration by its Hong Kong-based owner who never actually saw the club play a game

"We don't want another Bury and we are working day and night to ensure it doesn't happen," said Parry. "But you could say the next one will be the government's responsibility.

"Given the outcry we had at the time, you have to assume they get that the pyramid matters, otherwise they wouldn't be doing this. We think any rational regulator looking at the current system has to say it is broken.

"The dependence on owner funding is bad. Craig Hemmings (son of long-time Preston owner Trevor who died in 2021) wrote to supporters on behalf of the Preston ownership.

"Preston are a really well-run, sensible club. They are not chasing the dream and not over-spending. But he pointed out their annual budget is £24m and. of that, the Hemmings family provide £12m every year. Who replaces the Hemmings family? Who comes to Preston and says 'starting point £12m-a-year'.

"There is the possibility for broadening ownership and fan ownership if you don't have to start with a massive subsidy.

"Any rational regulator trying to produce solvency, looking at the pyramid, will come up with a solution."