The Premier League is set to lose about £1bn if the 2019-2020 season cannot finish. The season has been halted indefinitely amid the coronavirus pandemic.
Premier League chief executive Richard Masters warned of “further losses” if the situation “deepens and extends” beyond this season.
Meanwhile Football Association chairman Greg Clarke said: “Many communities could lose the clubs at their heart with little chance of resurrection.”
The Premier League has also defended clubs considering the use of government furlough scheme. Some clubs have placed non-playing staff on temporary leave, while talks continue over the salaries of players. On Monday, Liverpool reversed a decision to furlough staff and apologised after facing criticism.
The Premier League proposed a 30% pay cut for players, while top-flight players are now negotiating on a club-by-club basis over proposed wage cuts after collective talks broke down without resolution over the weekend.
With no games being played, Football League clubs are struggling with cashflow issues without ticket sales, as well as matchday and merchandise income.
On Monday, England men’s manager Gareth Southgate and women’s boss Phil Neville said they would take a 30% pay cut.
FA chief executive Mark Bullingham said the financial impact of postponements, including England fixtures, FA Cup matches and Wembley events could be as high as £150m.