Premier League executive chairman Richard Scudamore has been named co-chair of the government's new Sports Business Council.
It is hoped the body will "bring the government and leading sports figures from the public and private sector together to ensure the sport economy continues to grow and prosper", a statement from the Department for Culture, Media and Sport said.
"The sports economy is already worth billions to the UK's economy, with around a million people employed in the sport and physical activity sectors, but has traditionally not been supported in the same way as other parts of the economy," the statement said.
Membership of the Sports Business Council is being finalised with the first quarterly meeting due to take place in the coming weeks. Industry representatives will lead on specific pieces of work as required between meetings.
Sports Minister Tracey Crouch said: "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.
"But there is more that we can do to support the sector and spread jobs, prosperity and opportunity around the whole country."
Scudamore said: "Sport has long been recognised for the cultural and social benefits it brings to the country.
"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."
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