Crystal Palace narrowly escaped extinction yesterday but up to eight other clubs in the top two divisions are in danger of going bust.
Former Leeds chairman Gerald Krasner made the stark warning after the CPFC 2010 consortium finally agreed a deal in principle with Bank of Scotland over the purchase of Selhurst Park.
"This should serve as a wakeup call to a number of football clubs up and down the country," said Krasner, who is now a partner at insolvency and restructuring specialists Begbies Traynor.
"Our data shows there are eight Premier League and Championship clubs with 'critical' financial problems, issues that may well get worse given that clubs will see the usual reduction in income over the summer months now the season has finished. It is imperative these clubs address these issues as soon as possible, otherwise Palace won't be the last club teetering on the brink of liquidation."
Palace fans protested yesterday amid fears the club would close unless a deal was done. Under Football League rules the takeover will not be official until the club exit administration via a CVA, a process which could take some weeks.
