UEFA general secretary David Taylor has warned clubs with heavy debts they could be excluded from European competitions.

Football Association chairman Lord Triesman revealed that clubs in England currently owe a combined amount of 3billion pounds.

Triesman stated that such debts posed "terrible danger" in the current global climate and Taylor has come out in support of these fears.

He is concerned about the problem across the continent and has threatened to take action against any club that fails to deal with serious debts.

"There would be forms of communication, even warnings, even reprimands before one would ever get to a situation of exclusion but it's absolutely possible," Taylor said.

Taylor also expressed concern that clubs are putting their futures in jeopardy by exposing themselves to debt that would require a 'white knight' to bail them out.

He said: "We are looking at strengthening the minimal financial criteria and other forms of self regulation that may impose greater standards on clubs that want to compete in European competitions and beyond that club football."

UEFA have set up a working party to investigate ways of controlling the spiralling debt.

Taylor said: "This is an attempt to find greater financial stability, especially at a time when banks are failing. Governments might bail out banks but they are not going to bail out a football club.

"The current system needs to be looked at, it needs more transparency. We need to look at which areas we regulate to ensure the long-term stability of the clubs.

"It is not something that will happen overnight, we are still at the stage of investigating and developing solutions, but we are concerned about the longer term."