Premier League chief Richard Scudamore will co-chair a government-devised group geared towards strengthening the business savvy of the UK sport sector.

First revealed by the government when it published its Sporting Future strategy in December 2015, the Sports Business Council will focus on supporting the sector’s access to finance and skill development.

Economic development within sport was highlighted as one of the five key pillars in the strategy, and the council will concentrate on exploiting its “expertise in hosting major events” and “developing international brands” like the Premier League to drive exports abroad.

The government department for exports, the Department for International Trade (DIT), has a target to hit £1trn worth of exports by 2020.

Membership of the council is currently being finalised with the first meeting due to take place in the coming weeks, then quarterly thereafter.

Industry representatives will lead on specific pieces of work relevant to their expertise between meetings.

Tracey Crouch, the minister for sport, will co-chair the group alongside Scudamore.

“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,” she said.

“But there is more we can do to support the sector and spread jobs, prosperity and opportunity around the whole country.”

Scudamore added that the council would “help shape policies that will cement further and enhance the UK’s reputation for sporting excellence.”