West Ham United owner David Sullivan says the Premier League "may cease" to be the world's top division if an independent regulator is introduced.
Such a regulator would be brought in if the Football Governance Bill - which had its first reading in Parliament on Tuesday - is made law.
The UK government announced its plans to appoint a regulator following a fan-led review into football in 2022.
But Sullivan said a regulator is only needed "when things are going badly".
One of the key roles of the regulator would be to find an agreement between the Premier League and the English Football League (EFL) over financial distributions.