Hunt is alarmed at the amount of debt that has being wracked up across Premier League clubs.

He said: "My hope is they bring in rules that make sure we only have sensible amounts of leverage when people buy football clubs because we all know what happens when debt gets out of control.

"The football authorities have taken some steps. There is a lot more transparency. They have strengthened the fit and proper person's test. They are moving in the right direction but it is obviously something that is a concern to a lot of people.

"The reason it is a concern is because clubs do not just have a responsibility to their owners they have a responsibility to their fans as well. They are part of their local communities.

"They are different to other types of businesses and that is why this is a very important issue. The Premier League understands this and that it does not do them any good if a club goes under."

Asked whether it was right that the Glazers were able to fund their purchase of Manchester United by borrowing hundreds of millions of pounds, Hunt said it was a matter of concern.

Speaking on the Victoria Derbyshire programme on 5 Live, he responded: "It is one of the things that worries me a lot.

"The lessons the rest of the country have to learn about the over-dependence on debt seemed not to have been learned by some of the people who are running our Premiership football sides.

"But that is not to say there is not a role for debt. Arsenal borrowed a lot of money to build the Emirates Stadium and businesses need to borrow money to expand. It is a very important part of the economy.

"Let's not forget that foreign owners have brought huge amounts of money into the Premier League, which has meant a couple of things.

"It has made it the best Premier League in the world and secondly it has meant a huge amount of money has been invested in the UK in grass roots football.

"I would hope as the person responsible for sport that they would learn the lessons of what has happened in the rest of the economy. Sports are in a much better position to regulate themselves than government.

"It is not just what has happened at Manchester United but also Liverpool and Portsmouth. The Premier League understands something has to be done.

Hunt admitted he was "dead jealous" Wayne Rooney had re-negotiated a lucrative new contract at Manchester United.

Hunt added: "Wayne Rooney brings a lot of pleasure to a lot of fans. He is one of the top footballers in the world.

"It is not for me to step in and try and control that in any way. But everyone though is shocked at the scale of these packages."

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The Premier League said their new rules on ownership obliged prospective buyers to prove their plans for clubs were financially sustainable.

A statement read: "The Premier League has introduced a raft of new regulatory and governance measures over the past two years that encourage responsible and sustainable financial management. Future financial information and audited accounts are required on an annual basis as well as upon a change of ownership, where proof of funds and a business plan also have to be submitted to the League.

"The Secretary of State is right when he says that debt is an important function of the economy as long as it is proportionate and sustainable; our regulatory framework is designed to ensure this is the case for our member clubs. If this ceases to be so we are able to intervene.

"Clearly there are always challenges on the horizon and we have always demonstrated an appetite to meet them in an appropriate and proportionate manner."