UEFA's William Gaillard and Under-Secretary of State for Sport and the Olympics Hugh Robertson MP all gave evidence.
The hearing, which lasted for two hours, saw both witnesses grilled on a number of issues by the Select Committee. These included alternative club ownership models for football in the UK, with the Supporters Trust model receiving significant praise from Mr Gaillard in particular.
In comparing the Bundesliga '50 + 1' system to the current proliferation of private ownership in the UK, Mr Gaillard stated that the "history and spirit" of football clubs are preserved amongst their supporters. He praised the work currently being undertaken by Supporters Direct in the UK and across Europe, describing it as crucial "if the [supporter ownership] experiment is to succeed."
Mr Gaillard also reaffirmed UEFA's commitment to the implementation of Financial Fair Play rules, declaring that if a situation arose whereby a major club escaped the sanctions outlined in the legislation, "we will have failed."
Following this, Hugh Robertson MP appeared before the panel, and also highlighted the positive work done by trusts at Arsenal and others.
The Committee will now examine the evidence before producing their report and recommendations, which should hopefully be available by the early summer.
To view yesterday's hearing on the Parliament TV Archive, click here.