Premier League chief executive Richard Masters has warned the league faces losing at least £1billion if the season is not completed.
In a letter in reply to MP and DCMS chair Julian Knight - who had called for a windfall tax on clubs that cut the pay of non-playing staff without reducing that of players - Masters said clubs could go out of business if such a tax was imposed.
"You will appreciate like much of the productive economy in the UK we are losing revenue at an unprecedented level," Masters wrote.
"We face a £1billion loss, at least, if we fail to complete season 2019/20, and further losses going forward if the seriousness of the pandemic deepens and extends into the future.
"This would negatively impact not only the finances of the 20 Premier League clubs but would also have a significant detrimental effect across the whole professional landscape."
PL owner: Dangerous game not accepting pay cuts
An unnamed Premier League club owner, meanwhile, has warned that players are playing a dangerous game by not agreeing to take a 30 per cent wage cut immediately.
He told Sky Sports News the situation is so serious that clubs at all levels of the game - including the Premier League - could go out of business unless something is done soon about players' wages.
He also said it is possible that games at the start of next season will be played behind closed doors.
Premier League clubs asked players to take a 30 per cent pay cut last Friday to protect jobs.
The Professional Footballers' Association wants pay cuts and deferrals to be negotiated on a case-by-case basis.
Source: m.allfootballapp.com