Karren Brady sets out the case against having an independent regulator of football on the grounds of damage to the Premier League by 'meddling' politicians. Somehow she manages to drag Stoke City into the argument, a misplaced example that doesn't prove anything one way or another: https://www.stokesentinel.co.uk/sport/football/football-news/stoke-city-ffp-karren-brady-7025974
One thing that is clear to me is that the regulator should not be a serving politician. As for damage, some might argue that the Premier League has caused a lot of damage itself - as well as some achievements. The details of the regulation proposal need to be scrutinised carefully, but attempts by the Premier League to derail the idea in principle have already failed.
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