More Premiership clubs could follow Portsmouth into going bust this summer.

That's the claim of former Leeds United chairman Gerald Krasner.

Another Premier League club are understood to be desperately seeking a refinancing deal and insolvency expert Krasner, who was at the High Court on Wednesday for a matter unrelated to Portsmouth and football, is aware of problems at every level of the game.

He told the Mail on Sunday: "Half the football clubs are in trouble. When I was at Leeds, I predicted that we'd lose 10 clubs by the end of the decade. It's not happened as quickly as I thought, but this latest recession has finally brought about change.

"Local multi-millionaires have been willing to subsidise losses of £300,000 or £400,000 a year because of the prestige and the benefits to their other businesses. But with no prospect of getting their money back and the recession putting their other businesses in trouble, I believe clubs will go."