West Ham United co-owner David Sullivan says three Premier League clubs are being propped up by a secret benefactor.

He believes it is only a matter of time before other top teams follow Portsmouth into administration and possibly out of business.

Sullivan said: "A very rich private individual has loaned tens of millions of pounds to three Premier League clubs. I am not going to identify him or say exactly how much he has loaned but it is a considerable amount.

"He makes these loans based on the club's agreed payments from TV income.

"I am also aware that financial institutions are buying up football debts at big discounts.

"One bought some of Portsmouth's debt but they have to wait for their money now, if they get it back at all."