Manchester United chief executive Peter Kenyon has claimed only half the professional clubs in England can survive the current financial state of football. With the future of several clubs in the balance in the aftermath of the ITV Digital saga, Kenyon believes that the Football League should be restructured to leave just 40 professional clubs in England. "Quite clearly, I don't think you can have four divisions of professional football any longer," he said. "I think there are too many clubs. That's not to say that they can't exist, but they can't all be professional and that has to be reviewed. "I can't see much beyond the first two divisions being fully professional and then a third division being semi." That would result in just 40 professional clubs, he agreed. The Old Trafford club has a stock market value of £260million, but Kenyon argued that the flotation of clubs had been "a fad". He added on BBC Radio Five Live: "I am not sure why most football clubs went public in the first place. It was almost a fad." "I think that the majority of the City think that football clubs shouldn't be quoted. "They have not changed their management structure. They have not demonstrated that they can manage costs. They have not demonstrated that they can be anything other than a football clubs. "There is huge uncertainty and all those things are not what the City like to invest in. They don't like shocks. They don't like great peaks and troughs, and football as an industry gives you that."
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