Jeremy Corbyn wants the Premier League to invest 5% of its income from television rights to improve local facilities and pitches and support the next generation of players and coaches.
The Labour leader is also calling for fans to be given a greater say in how their clubs are run.
Football supporters’ trusts would be able to purchase shares when clubs change hands and have the power to appoint, and fire, at least two members of a club’s board of directors.
At the weekend, Mr Corbyn told Newcastle United fans who are campaigning against the club’s owner Mike Ashley that it was time to “take the beautiful game away from billionaires” and hand power to fans instead.
Labour has pledged to review fan participation in sports governance at all levels and crack down on ticket tout websites selling tickets at over-inflated prices.
It would also ban zero-hours contracts and guarantee a £10-per-hour Living Wage for all staff, including those working at football stadia on match days.
Arsenal fan Mr Corbyn said: “A football club is more than just a club, it is an institution at the heart of our communities. Clubs are part of the social fabric that binds us together.
“They are too important to be left in the hands of bad owners like Mike Ashley who put their business interests ahead of everything else, marginalise supporters and even put the financial security of clubs at risk.”
