Enter it into the football league, preferably parachuted into the Championship as a starting point. Allow them to play their home games at Wembley but, aside from that national concession, run it as a business like any other professional club. Pay salaries necessary to attract the best managers and players and trade the transfer markets accordingly, the one proviso being everyone involved must be English. England FC would then be the squad representing the nation at all major tournaments. It might not have the country's best players, but they would at least be a team.
I expect the concept to be derided, of course, but that's never discouraged me in the past.