Whelan does not want clubs to be allowed to borrow more than 25 per cent of their annual turnover.
Whelan told The Times: “I sent a letter to the Premier League, saying, ‘Can we have an agreement that we can only borrow 25% of our individual club’s turnover?’
“There should be a limit on borrowings – not as a set amount, but as a percentage of turnover.
“They have to do something about it.”
“What has gone on at Portsmouth is a crying shame for football and for their loyal band of supporters,” added Whelan.
“It just comes down to desperation to stay in the Premier League.
“Some of the salaries I’ve read about – whether the figures are accurate or not – make you cringe.
“It’s not easy for clubs, but the ones that take the risks sometimes come a cropper.”