Football League chair Lord Mawhinney has outlined his concerns about the long-term sustainability of the domestic game, with clubs "chasing a dream" funded by wealthy owners.

Speaking at the Leaders in Football event at the Stamford Bridge stadium in London, Mawhinney told delegates that the future of football could be at risk as a result of the industry model and increasing player salaries. According to Mawhinney, unsustainable debt rather than manageable debt is one of the main problems football currently faces as club "defy economic gravity" through the financial backing of rich owners.

Mawhinney said: "As a former government minister, I have had exposure to hundreds of businesses. Very few of them were debt free because debt is an integral part of running and growing a business. Debt is not the problem in football, unsustainable debt is. "The pressing question is whether such a system can ever be sustainable. Can a huge dependence on the personal or corporate wealth of individuals outside the game and on television revenue ever be sustainably sound in the long term? In my view these models need reworking sooner rather than later."