Football is "heading for the precipice" because of excessive debt levels, Football League chief Greg Clarke said whilst giving evidence to the Department for Culture, Media and Sport Select Committee inquiry into the governance of the game.
With clubs like Coventry City losing money hand over fist every week due to falling attendances and reduced income streams, Mr Clarke told the inquiry:
"Debt is the biggest problem. "If I had to list the 10 things about football that keep me awake at night, it would be debt one to 10.
"The level of debt is unsustainable. We are heading for the precipice and will get there quicker than people think."
The Football League is currently producing a five-year plan that will act as a road map for its members clubs and Clarke said: "We will hope to catalyse change. "We will share it with our chairmen and say this where you are going unless you change now."
Speaking at the same inquiry brought about after Sports Minister Hugh Robertson has described football as "the worst run sport in the country". the PFA's CEO Gordon Taylor said that that two thirds of the 92 league clubs had faced financial difficulties.