QPR chief executive Lee Hoos has warned that the coronavirus pandemic is already pushing EFL clubs to the brink of financial ruin.
Hoos, who has worked in English football for more than 20 years and previously held CEO roles at Fulham, Southampton, Leicester and Burnley, describes the prospect of clubs going under within months as "a very realistic possibility".
QPR were the embodiment of financial excess during their two ill-fated spells in the Premier League - before shifting towards a more prudent financial model in recent years. The Championship club will not escape the impending economic squeeze though, with the QPR director predicting a "tidal wave of comeuppance" for those guilty of over-spending.
"It's pretty severe and it's a double-whammy," said Hoos.
"Not only do we have zero income coming in, but the advanced central payments money from the EFL has already been spent.
"If we finish the season behind closed doors, then that will necessitate refunds for season-ticket holders. Then there are those who use the hospitality and of course, sponsors who will need to be compensated in some way.
"So not only is there zero income, there's also a huge cheque to write out sometime in the future. At some stage, there is a big wall to be hit with the way everyone is deferring everything right now.
"The Premier League is very much propped up by the broadcasting income. It's not the same in the EFL.
"We have some money coming in through sponsorship and central payments but the bulk of our revenue is through the gate.
"Literally every avenue of our income is shut down, right now. Yet we're still having to pay our training ground rent, pay our rates and pay for our utilities. We are deferring some payments - like to HMRC - and that will eventually result in a tidal wave of comeuppance for EFL clubs the length and breadth of the country.
"I don't know how people are going to deal with that. It's going to be a huge problem when the reckoning comes. I think it's a very realistic possibility that we'll lose clubs."
'Football needs a total reboot'
QPR were six points off the Championship play-offs and on a six-match unbeaten run before lockdown. They agreed a wage deferral with players on Tuesday.
Hoos revealed that some Rangers season-ticket holders had contacted the club to say they would not be seeking a refund on remaining games to limit the financial impact on the club.
The US-born CEO sees the current Covid-19 crisis as an ideal chance for football to end an era of reckless planning.
"Football really has to look at itself and admit that it needs a complete and total reboot from what it was," added Hoos.
"And I mean that every aspect needs to be looked at - including the relationship and distribution models between the Premier League clubs and the EFL. Player wages are going to have to be looked at otherwise clubs aren't going to survive.
"Everyone is going to have to take a haircut and some of this money is going to have to start coming back into the game."
Football has resisted monetary shocks within the global economy in the time Hoos has been involved in the sport.
But he now questions the sport's ability to withstand the impact of coronavirus if it fails to adapt to the latest economic challenge.
Hoos concedes wage caps may provide part of a solution to bring clubs' costs under closer control, while also hinting that FIFA's Financial Fair Play rules have not done enough to help the game operate within more sensible limits.
"I've worked in the English game for over 20 years now and what I've found is that football has always been insulated from the economic realities of the world," said Hoos.
"We've had recessions, we've had the financial crisis. There have been other mini-pandemics like SARS and MERS - but football has always been insulated and the cheque kept coming.
"Now for the first time, football has to look into the reality of the situation as it's affecting the sport.
"Everybody was chasing that dream, particularly in the Championship - which is a unique product, where clubs have been spending beyond their means to reach the promised land of the Premier League.
"And now that their businesses are being hit, the cheques aren't coming anymore. It's a wake-up call that they all need to run their businesses more responsibly - whether that be through wage caps or whatever.
"We've tried Financial Fair Play but we're going to need something more drastic than that to make sure football survives."
'Let's try to complete the season'
Hoos insists football will do everything in its power to complete the current season, but believes the implications for the next campaign will be felt further into the future.
"I think from an integrity of the competition standpoint, you have to finish the season. That has always been my priority," he added.
"The impact that's going to have on next season is another area of debate. How we address that is probably an even more complex question than trying to finish this season.
"Unfortunately, we're no closer to knowing what will happen. The government has said they need their criteria met and right now it's looking to me like the testing regime is nowhere near what it needs to be for us to resume anything.
"Even if my club has no chance of going up and no chance of going down, I'd still be a firm advocate of finishing the season.
"Leeds will be desperate to see it out and will be saying 'we have to get the games played,' and the likes of Norwich - or someone floating around the relegation zone, will want to call it quits right now and have everything null and voided.
"There will be other clubs in the EFL who don't care what happens, as long as they don't have to pay their players beyond June 30 because they perhaps have a few high earners."