The global credit crunch is eating away at the financial fabric of the beautiful game – and the backlash could be catastrophic.

The past week has seen Football Association chairman Lord Triesman speak of his fear for English clubs he estimates owe £3 billion.

Right on cue, West Ham's future has been plunged into uncertainty after owner Bjorgolfur Gudmundsson saw the Icelandic bank he is a major shareholder in placed into receivership.

New manager Gianfranco Zola is now likely to have to sell some of his prized assets in the January transfer window.

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

These are times of worry for football amid the backdrop of a volatile financial climate.

It was a scenario long anticipated by Storrie, who back in early August told The News of his credit crunch concerns.

Pompey themselves had to slam shut their transfer chest and operate a sell-to buy-policy as a result.

Now the rest of football can see what all the fuss was about.

The Blues' chief executive said: 'I said it in the summer and I believe I was the first person to do so.

'No football club is immune to the credit crunch. It is something which can happen to anyone.

'Now we are all seeing that for ourselves.

'In fairness, the West Ham case is particular to just them.

'Their circumstances have occurred because of the situation with Icelandic banks and their owner.

'Other clubs, though, are being badly affected by the credit crunch as a whole – as are the fans.

'One of the biggest problems are transfer fees.

'Personally I think they have got a little bit out of hand and that is something that needs to be looked at.

'You have got to balance to survive but some of the wages and transfer fees in the game now are just too much in this current situation.

'How, I am not sure, but it needs addressing because it is a serious concern.

'Fortunately, as a club, we could see this was going to happen and have acted accordingly.

'You need to manage costs and we have a good team behind the scenes doing that.

'As a football club you need to keep your payroll tight and operate a policy of good buying and selling of players.

'Simply put, all areas of the club has got to be run as a business with tight controls and we believe we are doing that.

'But the credit crunch is affecting everybody and other clubs are going to struggle.'

Meanwhile, Pompey themselves remain up for sale – at the right price.

Two weeks ago the club admitted Sacha Gaydamak would listen to offers following two-and-a-half years at the helm.

The statement finally clarified the owner's stance after months of uncertainly engulfing Fratton Park.

But Storrie insists a bid has yet to be received.

He added: 'There is nothing to add to that at the moment. We have received no bids.

'As Sacha has always said "no change".'

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