The Council, convened by Sports Minister Tracey Crouch, will aim to bring together the Government alongside "leading sports figures from the public and private sector".

A process is continuing to recruit other members despite the announcement yesterday that a British General Election will take place on June 8.

The Sports Business Council will focus on "supporting growth for the sports sector", and "improving access to finance and developing skills". 

It will look to "exploit the UK's reputation as a global sporting power with expertise in hosting major events and developing international brands like the Premier League, driving exports abroad and seeking opportunities at home".

A third aim involves providing an "important channel for representatives from the sports business world to work with Government and help to make decisions quickly that have public sector and private sector buy-in".

Meetings will take place four times a year, it is hoped, once the membership is finalised.

Such an initiative was recommended in the Government’s strategy paper: "Sporting Future: A New Strategy for an Active Nation" published in December 2015.

Economic development is one of the five "outcomes" in this strategy alongside physical health, mental health, individual development and social development.

"Sport makes a major contribution to the economy with major events, sports equipment and media rights generating billions in spend and the sector employing around a million people in the UK," said Crouch.

"But there is more that we can do to support the sector and spread jobs, prosperity and opportunity around the whole country. 

"The Sports Business Council will bring together key players in the industry to help us do just that. 

"I am pleased that Richard Scudamore, with his long-standing experience at the very top of sport administration, has agreed to co-chair the Council and help this important piece of work."

Scudamore has served as executive chairman of the Premier League since 2014 after serving the previous 15 years as chief executive.

"Sport has long been recognised for the cultural and social benefits it brings to the country," the official added.

"Increasingly, it is apparent that a strong and vibrant sports economy is making a significant contribution to the overall economy, in terms of development, employment and tax, at both a national and local level.

"I am extremely pleased that Government has recognised this and am looking forward to helping shape policies that will cement and further enhance the UK's reputation for sporting excellence whether hosting events, delivering community facilities and programmes, setting standards in governance as well as attracting the investment that makes this all possible."