Plymouth Argyle chief executive Andrew Parkinson says changes must be made in the way that football clubs handle their finances as the coronavirus pandemic threatens to ruin lower league football.

Without the income generated on matchdays, due to a lack of match action, clubs are facing financial hardship which could threaten their very existence further down the line.

Huddersfield Town chairman Phil Hodgkinson is the latest to express his concerns over the future of football in England with an estimate that ’50 or 60’ EFL clubs could go bust and that there would be 'no football pyramid' unless a suitable financial agreement is reached.

Several clubs were suffering financial issues before the virus struck but when we do return to some semblance of normality, Parkinson says changes must be made to stop clubs from going down the all too frequent road of financial ruin.

“I think the biggest thing that has to happen is that there has to be a sensible approach to cost and that is mainly around player wages. That is the single biggest thing that can happen,” Parkinson said.

“The biggest cost that all clubs have is players wages and I think there has to be a realignment of those wages, certainly to be in line with revenues.

"Some clubs have more cost in terms of their wages which are over and above the revenues they are generating and that is clearly not sustainable over a long time.

“It also means that owners, or shareholders, then have to fill the gap and that can’t be open ended, in terms of that support.

“Over and above that, as we have been saying - and I think a number of other clubs have as well - is that football needs to diversify itself.

"Yes, you have 30-odd (home) games a season, but you have to think outside of that, it’s 365 days a year that you need to generate income and obviously have an appropriate staffing structure and be efficient in how you do things.

“So diversifying over and above football and having a solid top base that doesn’t exceed your revenues.”

Parkinson is not wrong with his suggestions as it would prevent situations like Bury from happening again.

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Bolton Wanderers, Southend United and Macclesfield Town have also hit the headlines for their financial problems and capping player wages would certainly be one way to help eradicate that. How a potential salary cap is set, though, is open to debate.

“I would certainly argue one which is geared towards the revenues you are able to generate," Parkinson said.

"But either way of doing it, I think that there has to be a sensible approach to wages and if that means salary caps is the only way to do it, then I think that we have to face that is the answer.

“I don’t think it is necessarily the ideal way of doing it, but there has to be some measurement and processes in place to ensure that happens and if people don’t comply with that, I think they should be taken to task with that as well.”