Anglican leaders have assembled a group to look into how cathedrals are operated, their accountability and how financial decisions are made.
The Archbishop of Canterbury, Justin Welby, and the Archbishop of York, John Sentamu say the 12 members of the group will include financial experts other specialists.
Bishop of Stepney, Adrian Newman will chair the group and dean of York, Vivienne Faull, will be its deputy. The rest of the staff will be announced today.
The investigation comes after claims of money issues at the Peterborough Cathedral. Last year, its bishop, Donald Allister said the cathedral is going through a 'cash flow crisis' and found it difficult to pay staff salaries. A dozen staff were made redundant even after the Church Commission bailed the cathedral out with a loan.
Other cathedrals are also facing tough times.
At Exeter, the Very Rev Jonathan Draper announced his retirement shortly after criticism from the bishop the Right Rev Robert Atwell.
Guilford Cathedral in Surrey reported losing £100,000 a year and Durham Cathedral says it losing half a million pounds a year.
Currently, a cathedral is operated by a dean and chapter and advised by non-clergy members of the church.
Bishop New told The Times: "It is time to look at these measures again and ask whether they are fit for purpose.
"The buildings themselves are a huge problem. It is possible to see a cathedral as an albatross, but they are also our best assets. But cathedral ministry is challenging and this has become more acute".