"Unsustainable", "crazy", "broken." Pick your adjective to describe the state of the finances in the Championship. The league consistently spends more on wages than its entire income. You don't need to be an accountant to know that is bad.
This is not a new problem. It has been going on for more than 15 years. For all the predictions of a financial implosion, it has not happened.
For most clubs the owners just keep on piling the money in.
Some in the hope that they will reach the Premier League, stay there and see the value of their asset skyrocket.
Some just love the club and know that if they step aside, they will struggle to find anyone to fill their shoes.
My guess is if regulation did not come in, the Championship would just keep losing money by the bucketload, year after year. I do not think the English Football League would collapse.
But just because the division would not implode is not a reason to do nothing. We have already seen Derby, Reading and Sheffield Wednesday face the prospect of liquidation.
In all three cases their owners were desperate to reach the Premier League. When they failed, they were unable or unwilling to keep funding the losses.
The current levels of spending is great for players and agents but it's hard to see how it is good for the wider game.
Fixing the problem is not easy. When financial restrictions were first introduced Championship clubs started "selling" stadiums to their owners to boost revenues. People will always look for loopholes. Chelsea have sold a hotel to themselves, women’s teams have been sold.
As crazy as it sounds, it is difficult to prevent clubs losing money.
Pompey Chief Executive Andy Cullen told me on Wednesday financial regulations in the Championship are set to be voted in and could come in line with the Premier League rules. This would prevent clubs making the usual £10-15 million losses we often see with spending linked to income.
However, if parachute payments are allowed to count as income, it will make the inbuilt advantage relegated clubs have even more entrenched and the Premier League even harder to reach for most teams.
Eisner is right about the need for the Premier League to share more money with the rest of the pyramid. The Premier League and the pyramid need each other.
It does not seem like a deal is close even with the Independent Regulator having the ability to eventually dictate a deal. Getting anyone to hand over money they perceive as theirs is difficult.
Change could be coming. It would be good for all of football, not just Michael Eisner and Portsmouth.
By the time this season ends Eisner's investment in Portsmouth will likely be just shy of £60m. It is a lot of money but as things stand Pompey still have a bottom end playing budget in the Championship.
You can only survive in a division for so long with that. Something needs to change.
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