Representatives of 29 clubs have written to the government urging them to proceed with plans to establish an independent football regulator.
The letter warned that the clubs could be “wiped off the map” if there was any further delay in action.
In April, the government announced plans to set up an independent regulator in England after approving a fan-led review, but there has been no progress since then.
“The future of the game hangs in the balance,” the letter says.
It added: “The pandemic has left clubs on their knees and the cost of living crisis threatens to deliver a knock-out blow.”
The regulator will have legislative powers to impose sanctions on English football clubs that breach financial and other rules.
The government was due to outline its plans in a white paper this summer, but this has been delayed due to a change in Conservative Party leadership.
During the leadership contest, current Prime Minister Rishi Sunak publicly pledged to implement all 10 recommendations of the fan-run review.
The call to the regulator was among 10 recommendations made by a fan-led review chaired by former sports minister Tracey Crouch into how to improve football governance.
The review follows a series of high-profile crises in sports such as failed European Super League and collapse of Bury FC.