They already make decisions based on geopolitics, Newcastle and Saudis being one.Exactly this.
I'm not sure what's worse, a PL that is interested in making itself more money, or an "independent" regulator, closer to the government, making decisions based upon geopolitics.
Make no mistake, the change in regulation is not a guarantee of improvement, it just gives other people chances of making money.
It makes sense on some level for the government to want to regulate the country's number one export doesn't it?
I'm sure there are good arguments against it, and regulators aren't above a risk of corruption themselves, but all I know is without it we got docked ten points for a sum some clubs blow their nose on, so I'm all in for the regulator, even if it only rattles the cages of the corrupt ones already running it.