Premier League chief executive Richard Scudamore has warned that clubs may be forced to sell players under new rules.
Uefa president Michel Platini and Fifa president Sepp Blatter have both spoken out against the debts held by the likes of Manchester United and Chelsea, and Andy Burnham, the Secretary of State for Culture, Media and Sport, wrote a letter in October to express his concerns.
In response, The Premier League has suggested 10 rule changes to prevent clubs going down the route of Leeds United or worse.
"It's more about putting other sanctions upon them and that will be for the board to decide what the appropriate sanction is," he said.
"It might be no transfers, it might be forced sale of players, forced sale of assets – there must be other things you can do to keep the club alive, because the most important thing is to keep the club in existence."
He added: "What happened to Leeds is what should happen to Leeds if you run the club like that.
"It's tough on Leeds fans, but what these rules envisage is the football authorities getting involved earlier in that process – a bit more interference in that process. Not to prevent it, but to reduce the chance of that happening.
"If a club has overstretched to get a competitive advantage, if you get yourself in financial difficulties, it should unravel."
Other rules would force clubs to be more open about their finances and ensure directors have not been convicted of a one-year prison sentence.