Kevin Phillips insisted “something has to give” after EFL chairman Rick Parry revealed there will be a £200million shortfall amongst football league clubs like Sunderland by September.
The 2000 European Golden Shoe winner, speaking exclusively to Football Insider correspondent Dylan Childs, admitted he “would not be against” a salary cap being introduced but fears it would be difficult to implement.
On Tuesday the EFL chairman revealed a £200million “hole” in EFL clubs by September due to the financial implications of the Coronavirus pandemic.
Parry was providing evidence to the Digital, Culture, Media and Sport committee about the impact of coronavirus on the football league.
The former Premier League chief claimed salary caps were “essential” in the future to guarantee the sustainability of the football league.
When asked by Football Insider if he would support the introduction of a salary cap across the EFL, Phillips said: “I could see it going down that route in the future.
“There is just so much at stake and so much to gain from promotion.
“A salary cap is a tough one but I would not be against it. It would put everyone on a level playing field and then it is down to the recruitment department to go and unearth gems from Ligue 2 in France.
“Something is going to have to give. To make up that windfall, I am not sure how they would do it.
“There is no guarantee something like this will not happen again. This is a warning for the future. It will be interesting to see how this develops.”
Phil Parkinson’s side are estimated to have the highest wage bill in League one but also carry the highest revenue figures in the division.
League One clubs stand to lose 34% of their revenue if the 2020/21 season is played behind-closed-doors.
In other Sunderland news, Kevin Phillips has told Football Insider club should push for EFL proposal on completion of season.