Europe's most powerful clubs, the so-called G14 group, have announced plans for a salary cap and transfer pact in order to solve football's current cash crisis.

The group, which includes Liverpool and Manchester United but not Premiership champions Arsenal, is also aiming to introduce a code of conduct for its members.

 G14 proposes salary cap

It is hoped that the code will be used to combat the spiralling wage demands and transfer fees that are threatening many clubs' survival, particulary in England, Italy and France.

"It does not have the authority of Uefa and Fifa, and would be little more than a gentleman's agreement - and there are too few gentlemen around.

"This is just the rich clubs agreeing to have some agreement among themselves.

"It will be virtually impossible to implement across so many different countries - it would be hard enough in one country.

"The very clubs that put forward this sort of agreement are usually the first ones to break it."

Taylor's comments came as the Football League and the PFA voiced their opposition to Fifa's plans to introduce a domestic 'transfer window'.

The organisations are concerned that league clubs, who rely on selling their top players to survive, could go under.

BBC Five Live sports news correspondent Matt Smith attended Wednesday's joint PFA-Football League press conference in Manchester.

Smith said: "Fifa wants to impose both domestic and international transfer windows to harmonise transfers throughout the world.

"Those two windows would be in the close season and in the month of January.

"However the Football League and the PFA are standing full square together against (restrictions on) domestic transfers.

"They haven't got any problems with the international ones they just don't want any restrictions on domestic transfers."

European Commission backing

The Football League made a profit of �24m last season selling players on, mainly to the Premiership.

The Premiership clubs will vote on the transfer window plans on Tuesday 21 May.

The League and PFA want Premier League backing for opposing a domestic transfer window and have already received written support from the European Commission.

But the Premier League and some of its clubs remain "sceptical" about whether a salary cap could work in practice.

Spokesman Philip French said: "Our position is that if someone could produce a working model in which a salary cap could be imposed then of course we would looks at it.

"However, we remain sceptical that any such model exists."