The mining tycoon, who failed in his injunction to remain as owner of Gold Coast United last week, announced the inquiry today.

The watchdog organisation will hold meetings in Brisbane, Townsville, Newcastle, Canberra, Sydney, Melbourne, Hobart, Adelaide and Perth from April 10.

Palmer promised the public a chance to make submissions with a view to publishing a full inquiry with recommendations that will be submitted to state and federal governments as well as Football Federation Australia.

Gary Collis, the former president of Football Federation South Australia, will head the "commission", while ex-GCU player and assistant coach Steve Fitzsimmons will fill an administrative role.

Palmer said FA's two new members will add credibility to the organization, which was born at a bizarre press briefing in Brisbane nearly two weeks ago.

"Mr Collis has been the president of a state association of the FFA. This is a person who was ombudsman of South Australia, appointed by the government, to look at these sort of matters," he said.

"If people don't take him credibly then it's a reflection on them. He's never worked for me and I've never met him prior to this announcement today."

Palmer, who said he was standing in for chief executive Archie Fraser, who was in Adelaide, tried to distance himself from FA and the forthcoming inquiry.

Queensland's richest man has rarely found himself out of the headlines over the past two months, as he engaged in a bitter verbal war with FFA chairman Frank Lowy and CEO Ben Buckley.

"We are not seeking to influence the findings, but we are prepared to put a submission in," he said.

"I hope Frank Lowy and Ben Buckley will take an objective view and take what's good, and what the people of Australia want to be done with their game.

"The inquiry will open up the debate around football in Australia. Its findings will be open. What they are, we just don't know. It's up to the people of Australia.

"Football Australia is not part of the FFA. There is no fear of sanctions here. Nobody will be criticised for having freedom of speech."

The inquiry will look at what Palmer declared were three major issues - the role of women in football, Australia's 'inexplicable' failure to qualify for the 2012 London Olympics and the cost of junior football.

The outspoken billionaire said there was an unnecessary financial strain on parents of children playing the game at grassroots level.

"Where does that money go to? Does it all go to FFA and the salaries of fat cats in Sydney? I don't know, I'd like to find out," he said.

"Mr Collis has been tasked with (finding out) why it is so. One would ask the question as to why $500,000 was paid to a representative of FFA to get Nathan Tinkler to support the game."

Palmer also made serious allegations that can't be repeated for legal reasons that alleged corruption in the FFA's deal for Nathan Tinkler to take over Newcastle Jets in 2010.

"It's not a question of us having credibility, it's a question of them having credibility," said Palmer.

"We know that the FFA was insolvent in Feburary. If it wasn't for the intervention of the federal government with an $8 million grant, they wouldn't be able to pay for their offices.

"Is that a well-run organisation? At the same time they charge six-year-olds $300 to kick a ball around."

Although not at the today's Brisbane press conference, Archie Fraser said the FA had already won backing.

“The support for Football Australia has been overwhelming and we have received expressions of interest from around the country,” he said in a press statement.

“The feedback we have received reflects the disenchantment within grassroots football people about how the game has been managed by the Football Federation Australia.

“We have pledged to ensure the game is operated with transparency, fairness and good corporate governance, and this public commission of inquiry is part of that process.”