London, Oct.13 ; Faced with a crippling three billion pound debt, Premier League football chiefs here are holding crisis talks to rescue debt-ridden clubs from eminent collapse.

According to The Daily Star, at least seven clubs are close to going bust thanks to the current credit crunch.

The club at most risk is West Ham, whose owner Bjorgolfur Gudmundsson has a 41 percent stake in collapsed Icelandic bank Landsbanki. It has already had to remove the name of sponsor XL from rooftop stadium ads and players' shirts after the travel firm went bust.

The rescue team, which includes Culture Secretary Andy Burnham, 38, and Sports Minister Gerry Sutcliffe, 55, is set to meet with the FA and Premier League.

One source was quoted as saying that there is no chance of the Government bailing out football teams in the same way as banks.

Labour MP David Taylor, 62, said: "It is time to regulate the way in which British football clubs are acquired, particularly when they are acquired by people who have become billionaires through corruption, dishonesty or extortion - or all three."

Meanwhile, plans for an overseas pre-season tournament featuring all Premier League teams could be revived to grab cash from the foreign market.

ANI