Football Association chairman Lord Triesman believes the global credit crisis could pose a "terrible danger" to clubs dealing with spiralling debts.
Against the backdrop of such a volatile financial climate, Triesman estimates English clubs owe an estimated £3bn.
A worldwide banking crisis has led to a collapse in shares, fears of a recession and increasing costs for clubs having to repay or maintain huge debts - with Liverpool, Chelsea and Manchester United believed to account for a third of that £3bn debt.
"The last figures I saw was that indebtedness in professional football in this country was running at about £2.5-£2.6bn, which is about where current annual revenues are in football. So our ratio is about 1:1.
"The FA themselves know about all these things because they are one of the most indebted organisations in the world. Their Wembley debt is about £350m and they have a turnover of about £300m.
"Our clubs are all heavily regulated but they've also got directors and owners who will assess the level of risk of their overall debt. This is at the top of clubs agendas and I think they are managing it responsibly.
Liverpool have been boosted by the news that defender Martin Skrtel does not need surgery on his knee injury and so could return to action by Christmas.
The 23-year-old defender needed oxygen as he left the field on a stretcher after falling awkwardly in the Reds' 3-2 win over Manchester City on Sunday.
It was feared he could face a lengthy spell out with posterior cruciate ligament damage to his right knee.
Skrtel, who was signed from Zenit St Petersburg in January, has forged a solid partnership with Jamie Carragher at the heart of Liverpool's defence.
The Slovakian has kept Daniel Agger out of the side but his injury may open the door for the Dane to return, with manager Rafael Benitez admitting: "Everyone can see that the understanding between Martin and Carra is becoming really good and to lose a player who is doing well is always a problem.
Striker Peter Crouch believes his return to the England squad has much to do with Portsmouth manager Harry Redknapp's man-management skills.
Crouch was not named in the squad for England's opening two wins of the Group Six qualifying campaign, but two goals in two games has earned him a recall.
"I believe for the rest of the season he will get the best out of me and a lot in terms of my England recall is down to him."
In his final season at Liverpool, Crouch struggled to play regularly under Rafa Benitez but is confident his move to Portsmouth will help him cement his place in Fabio Capello's World Cup plans.
Hull City chairman Paul Duffen has backed boss Phil Brown to build on the Tigers' impressive start to the season.
Newly promoted City are third in the Premier League table after back-to-back wins at Arsenal and Tottenham.
Duffen, who took control of the Tigers in June 2007, feels Hull deserve more plaudits for their achievements, which included a win at Newcastle as well as at the Emirates and White Hart Lane.
Tottenham sporting director Damien Comolli says the club is united behind coach Juande Ramos, despite their worst start to a league season in 96 years.
Ramos's side lie bottom of the Premier League and pressure is mounting on the Spanish coach and Comolli.
Comolli has been criticised for Spurs' policy in the transfer market this summer, with boss Ramos admitting he is short of strikers after the departure of Robbie Keane to Liverpool and then Dimitar Berbatov to Manchester United just minutes before the transfer window closed.
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