Chelsea are to offer 17-year-old Loftus-Cheek a contract worth £1.7million before he has played a first-team game.
A row between Joseph Donkor, his original agent, the player’s family and the Stellar Group has been taken to the FA for arbitration.
Pleat told the Mirror: “The whole thing is crazy. The scramble for the best schoolboys, fuelled by agents, leads to wholly inflated earning figures.
“It gives the youngsters a false sense of perspective – both about football and about life.
“It is madness. I remember when there used to be a cap on what you earned until you played your first professional game.
“Nowadays a kid won’t sign on as an apprentice for a club until he is guaranteed ‘x’ amount of money.
“There should be a limit on what clubs offer.”
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