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Football League chairman Lord Mawhinney has hit out at clubs for letting their finances get out of control.

Mawhinney, who steps down next month after seven years in the role, believes football clubs are overspending on players’ wages and agents’ fees.

With Cardiff City and Southend United – along with Premier League club Portsmouth – all facing winding-up orders in the High Court today (Feb 10), Mawhinney said: "There are two sets of problems: the whole economy is not in good shape and this year may be even more difficult than last, but clubs are also spending more money than they have got and overwhelmingly are not in control of their finances when it comes to players' wages and agents' fees."

Mawhinney also criticised the practice of clubs going into administration, which has happened 53 times since the Premier League breakaway in 1992, reports the Guardian.

"There is never enough recognition of the small businesses, the taxpayer, and worthy groups like St John Ambulance who are left owed money after doing business in good faith with football clubs,” he added.

Some chairmen, including Cardiff’s Peter Ridsdale, have blamed the huge financial gap between the Football League and the Premier League for creating a "temptation to overspend".

However, Mawhinney countered: "Some Championship clubs make that case but you have to live within your means. Football clubs in recent years have had more money than ever in their history, but too few have invested in new grounds or facilities, like Cardiff. Instead they have spent it on players' wages and agents.

"The way football clubs do business fundamentally does not work. I think people are taking this issue much more seriously now. What is given to players and agents is not sustainable. There has to be some element of control and restraint."