UEFA's chief executive David Taylor has warned English clubs about the dangers of over-extending themselves financially.
Taylor said there is "disquiet" at UEFA at the spending of Manchester City and Real Madrid and fears another club could mirror the financial collapse experienced by Leeds.
Taylor told BBC Radio 5 Live: "There are stories concerning some English clubs that are of significant concern."
He added: "There are a number of English clubs where the value of the club itself has fallen significantly and they are effectively on the market.
"We hope that the clubs themselves will not suffer in any significant way from this but who knows?
"We've seen what has happened in recent years with a number of very high-profile clubs, Leeds United for example. They fell into serious financial difficulties by over-extending themselves."
In terms of the outlay by Real Madrid and Manchester City on players, Taylor has concerns on the effect on the rest of football.
He added: "I would say in this financial climate, it is surprising, a little bit destabilising of the market.
"It is certainly raising the ante in terms of the player costs, in terms of the general market place, which is not a thing that gives us a great deal of comfort in these difficult times.
"There is certainly disquiet in the corridors of power here."
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