Championship clubs have written to the EFL raising concern over conflicts of interest that could arise from MSD Capital’s investment in some of their rivals.
The American private equity firm have become significant players across the game over the last 12 months, lending money to Southampton, Burnley, Derby and Sunderland.
Under the terms of the loan agreements, they could gain control of clubs that fail to keep up with repayments.
Derby appear most at risk of defaulting given the club’s financial problems — which led to them failing to pay their players in full last month as they wait for a proposed takeover by Derventio Holdings to be completed.