In an article on the Huffington Post, West Ham Chairman David Gold has slammed the current regulations that allow clubs to run up excessive debt against their turnover, and warned that it will only get worse if action is not taken.
His words are supported by a recent audit on all the leagues in English football, which revealed that only League 2, due to its Financial rules, is making a collective profit.
Gold's club West Ham are currently in the Premier League, where on average 70% of income is going straight into players pockets as wages have skyrocketed over the last twenty years.
Gold said " We need to regulate spending, reduce debt and ensure profit- and quickly." He went on to state that if this is not done then the league will have 'an even more desperate situation.'
Gold's comments come after his side fought out a hard earned 0-0 draw with defending Premier League Champions Manchester City at the weekend.
City are one of the clubs most guilty gross expenditure on wages, with some of the highest paid players in Europe, such as Yaya Toure, on their books.
Gold wants new rules implemented in the League, and whilst he is obviously keen, he thinks that there would also be support from Chairmen across the league to see it implemented:
"Premier League rules state that 14 votes would be needed to pass new laws. I think there are 14 chairmen ready for change to protect the greatest football league the world has ever seen..."