Sports minister Hugh Robertson has insisted the warning on legislation to football was no empty threat.
He said: "We welcome the report from the select committee which 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."
More top news
Doctors should stop telling people to "complete the course" of some antibiotics, a group of experts have warned.
Around 40 events will be staged across the UK today as nurses step up their campaign for the Government to end the cap on public sector pay.
Within the next seven days, we are going to witness some of the most significant change in the British Monarchy for many years.