New UEFA president Michel Platini, the former France international, is concerned at the high level of debt carried by some clubs - maintaining they are "cheating" by purchasing players they cannot afford.

Many of the leading English teams operate with a significant amount of debt - including Barclays Premier League champions Manchester United and also Chelsea, although the Blues are in a unique position of being bankrolled by Russian billionaire owner Roman Abramovich and do not carry any external debt.

Arsenal themselves have a long-term repayment commitment, of around £250million, following the move to the Emirates Stadium.

Nevertheless, there is a growing feeling of a need to guard against clubs heading towards financial meltdown, such as the path taken by former Champions League challengers Leeds, who are now in Coca-Cola League One, and some Spanish sides like financially-stricken Celta Vigo, who could go into liquidation.

Valencia are also reported to have debts of more than £500m.

Wenger said of UEFA's investigation: "It is very welcome. I think teams who have a deficit should be kicked out of Europe.

"The only way to go is that there is a control over all of Europe, and I think it will go that way whether you like it or not.

"UEFA will bring in a control of the management of every individual club and every individual club will be controlled.

"It is very important for the fans of the competition first, and it is very important that every club lives with the resources they have available - clubs should not speculate and then after one year they cannot pay the salaries for the next seasons.

"Every transfer nowadays in Europe is paid over two or three years, and it is compulsory that UEFA controls that the commitment of the club is right, because if that does not happen, it can all collapse very quickly."

Wenger, though, accepts certain clubs are currently in a league of their own when it comes to spending power.

"I would prefer transfers fees paid straight away," he said, "but when you look at the numbers involved right now, nobody can do that anymore.

"Who is a club in Europe who can pay £30million cash? I know one, but only one."