Gov. Charlie Baker is calling for the creation of a financial control board to oversee the Massachusetts Bay Transportation Authority following the release of a report that cites a "pervasive structural failure" in the transit system.

The report was released Wednesday by a panel commissioned by the Republican governor after severe winter storms crippled the MBTA.

The six-member panel said the T was in "severe financial distress," with ineffective management and no viable maintenance plan.

The control board, if authorized by the Legislature, would oversee the agency for three to five years and replace the T's current board of directors.

The panel and Baker agreed that while additional state revenues would eventually be needed for the T, it would be unwise to pump more money into the system until other reforms are adopted.

Gov. Charlie Baker released a report by a panel he commissioned to address problems with the MBTA Wednesday. 

The report says the T is suffering "pervasive structural failure," and calls for a five-member "Fiscal & Management Control Board," reporting to the secretary of transportion and replacing the current MassDOT board for oversight of the MBTA, to "manage and control revenues and costs" and "reorganize MBTA along model business lines."

Read the report: