Newell believes agents rather than just 'bungs' are the real problem

Newell, whose claims helped prompt the current investigation into Premiership bungs, says illegal transfer payments are rife in the entire Football League.

"How many do people want before they realise something is going on?" the Luton boss told the Daily Express.

"I'm convinced if Lord Stevens was also investigating the Football League he could multiply 39 by four or five."

Newell's initial allegations back in January led to the investigation by the former Metropolitan Police commissioner.

Stevens looked into all 362 transfers that took place in the Premier League between 1 January 1 2004 and 31 January 2006 - and announced on Monday that 39 transfers, involving eight clubs, will be investigated further over the next two months.

The biggest point I'm trying to get across is the ludicrous amounts being lost to the game because it is being paid to agents Mike Newell

"I thought he (Stevens) handled it well, and I'd love him to get a result," added Newell.

Football League chairman Lord Mawhinney has also endorsed Stevens' thorough investigation.

Mawhinney and Stevens' paths have crossed professionally during their careers in politics and the police force respectively.

The former Northern Ireland Secretary, told the Daily Telegraph: "If it's possible to get to the bottom of this I would have a lot of confidence that John Stevens will be able to do that.

"And if John Stevens says he needs another two months - and that doesn't surprise me because following the money is always a slow process - you can be assured he needs two months."

Meanwhile, Newell also stressed the need to focus on the issue of football agents generally rather than just 'bungs'.

"I have to take the share of the blame here because I did talk about the money that had been offered to me, and I'd been offered bungs," said the former Everton and Blackburn striker.