Kevin Blackwell has called for top-flight clubs to redistribute some of their revenue to prevent similar crisis to the one at Bury.
The Shakers made a public appeal for £1million of external funding to secure their future earlier this week and Blackwell was quick to point to the disparity between this and the latest hike in broadcasting revenue top-flight outfits are set to benefit from as of next season.
The 54-year-old, who also worked in dire financial circumstances at Leeds and Luton, stated the country's leading teams often benefit from developing their young stars by utilising the loan system in the lower leagues and urged for them to give something back.
He said: "Next year I think every Premier League club gets a £30million uplift and yet you look at some of the players who are starring in the Premier League and they actually started in the lower leagues by coming from a Premier League club and being loaned down.
"If you lose clubs like Bury, that's exactly what won't happen (if they fold). We've had four or five loans this year and the lads have gone straight back into the first teams at Leeds and Wolves and places like that.
"So it's important, it's very important. We're going to have to be careful because I think if football doesn't sort itself out there will be a lot of clubs like this.
"If you look at the Premier League, every club that gets that £30million uplift next year, if they all put £1million in a pot and split it, half-a-million each between the teams in League One and Two, it would go a long way to saving football."