The business model that Valencia and most of its peers use is clearly flawed and needs a radical overhaul involving compulsory financial controls before Spanish football bankrupts itself, analysts said.
In common with many club's in Spain's top two divisions that lack the vast earning power of Real Madrid and Barcelona, Valencia has been living beyond its means, racking up debt of more than 400 million euros ($505.7 million).
Real and Barca, the world's richest and third-richest clubs with television and sponsorship contracts worth hundreds of millions of euros, can cope with a high level of debt.
"TV cash was pouring into soccer and clubs were drawn into the sin of over-exuberant spending," Gay told Reuters.
"While the Spanish economy was booming its football was a marvel to behold, the league of stars, but now we are seeing it come crashing to the ground."
"I have the impression that they are looking the other way to avoid seeing the sad economic and financial spectacle that the league of stars has become."
Angel Barajas, an expert on football finance at the University of Vigo, backed Gay's call for financial controls and said they would have to be combined with fines to punish transgressors and agreed on a Europe-wide basis.
"Many clubs play in Europe and there will be a distortion of competition if clubs from some countries set salary caps or similar measures and others don't," he told Reuters.
