The Barclays Premier League has been urged to implement stricter financial regulations by Wigan chairman Dave Whelan.
Whelan has written to Premier League chief executive Richard Scudamore suggesting a limit on borrowings as Portsmouth's perilous financial position leaves many clubs fearful for the future.
Whelan told The Times: "I sent a letter to the Premier League, saying, 'Can we have an agreement that we can only borrow 25% of our individual club's turnover?'
"There should be a limit on borrowings - not as a set amount, but as a percentage of turnover.
"They have to do something about it."
Portsmouth were granted a stay of execution at the High Court last week over an unpaid tax bill, but administration remains a real danger.
"What has gone on at Portsmouth is a crying shame for football and for their loyal band of supporters," added Whelan.
"It just comes down to desperation to stay in the Premier League.
"Some of the salaries I've read about - whether the figures are accurate or not - make you cringe.
"It's not easy for clubs, but the ones that take the risks sometimes come a cropper."