Championship clubs are reportedly considering a salary cap to combat losses in the economic downturn.
Adam Pearson, the chairman of football at Derby, believes football is inadequately prepared for the current financial climate.
"The game is close to meltdown at all levels," Pearson told The Guardian. "Club boards are under pressure to gain success and that leads them to paying ridiculous wages."
He added: "It cannot carry on or it will end in disaster. There is a growing feeling now that some sort of wage cap has to come in."
Southampton chairman Rupert Lowe is not in favour of a cap, but believes wages should be kept below 60% of a club's turnover.
And Coventry chairman Ray Ranson added: "A salary cap should not limit individual players' wages, but restraining wages to a proportion of turnover would be a good thing and, in today's climate, people should think seriously about it."
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