English football has been told it must introduce reforms within a year or the government will impose changes, reports BBC Sport. The ultimatum appears in a new report from the Commons Culture, Media and Sport Committee.
The MPs' report outlines concerns about financial management, the balance of power between the Premier League and the Football Association and the impact of significant risk-taking by owners.
Sports minister Hugh Robertson MP said: "We welcome the report.
"The report from the House of Commons Culture, Media and Sport committee (CMS) shows the will there is across Parliament for football to modernise and change for the better.
"We have been clear that we want the football authorities to carry out the reforms they promised by the start of the 2013-14 season - most notably around improved governance and diverse representation at the FA, the development of a licensing system and greater financial transparency.
"If football does not deliver then we will look at bringing forward legislation."
The FA, Premier League and Football League responded in a statement: "Significant headway has already been made on many of these proposed reforms, not least on sustainability and transparency.
"The remaining reform proposals are the subject of consultation within the game and we are confident that the necessary progress will be made."
But a series of proposed reforms - billed as "extremely radical" and "progressive" - were rejected by the FA Council last October.
That followed more than a year of negotiations between the FA, the Premier League and the Football League to reach agreement on a joint proposal.
The reforms are believed to have faltered over fears they handed increased powers to the professional game and the FA executive.