The combined debts of these clubs stood at just under €4bn euros (£3.5bn), around four times the figure for the next most indebted top division, Spain’s La Liga.
English football is heading for its biggest ever upheaval.
A senior Newcastle source said: “Newcastle United couldn’t survive at the moment without Mike’s money, it’s as simple as that.
"If Mike and the banks weren’t willing to cover the cost of relegation Newcastle may well be in a Portsmouth situation.
"It is costing Mike £500,000-a-week this season to keep Newcastle running without making further cutbacks, yet some people are saying the club should be able to wipe its own mouth, that it should be able to run by itself with the income coming in.
“You can not lose £50m in revenue and expect not to have to take a hit, particularly when you have the overheads Newcastle have.
“The wage bill was reduced, but it’s still way too big for the Championship.”