Kenyon has called for a review of the way the sport is structured in England, claiming that less than half the 92 professional clubs will survive the current financial crisis.

"There has to be a review of the structure," Kenyon told BBC Radio Five Live.

"Quite clearly, I don't think we can have four divisions of professional football any longer.

"There are too many clubs. That's not to say they can't all exist, but they can't all be professional and that has to be reviewed.

"I can't see much beyond the first two divisions being professional and the third being semi-professional, so probably around 40 clubs."

'Almost a fad'

Manchester United currently has a stock market value of about �260m - well below its peak of more than �1bn.

"I am not sure why most football clubs went public in the first place. It was almost a fad."

"I think that the majority of the City think that football clubs shouldn't be quoted.

"They have not changed their management structure. They have not demonstrated that they can manage costs.

"They have not demonstrated that they can be anything other than a football club.

"There is huge uncertainty and all those things are not what the City like to invest in. They don't like shocks.

"They don't like great peaks and troughs, and football as an industry gives you that."