Andy Gray has warned Premier League clubs that they will no longer attract the best players in the world if restrictive financial rules continue to be in place.

Gray has witnessed former club Everton, as well as Nottingham Forest, fall foul of the Profit and Sustainability rules this season. A UEFA-style Financial Fair Play system is set to replace the current controversial structure.

However, for the Everton and Aston Villa legend, there is a bigger picture. "The Premier League need to be careful. The thing about it for the last 30 years is the ability to attract some of the top foreign players to help make it the best league in the world," he voiced.

"If we restrict the clubs in continuing to do this because they are running scared of breaking financial rules then other leagues will get the top players. That would be a huge worry because the standard of the Premier League would invariably drop.

"Of course we don't want to see clubs bankrupting themselves but in the grand scheme of things I can't think of too many big clubs who have gone to the wall. Some smaller clubs have had their problems but not the big hitters."

Gray, who won the League title with the Toffees, also pointed out that these financial limitations help maintain the cartel of the same small band of clubs repeating his achievement. He added: "For instance with suffocating financial rules in place the Premier League are denying one of my old clubs Aston Villa, with ambitious multi-millionaire owners, the opportunity of spending some decent money to bring in better players.

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"They should be allowed to do that otherwise it's a closed shop. That's not good for football in this country.

"You want to see Aston Villa doing what they are doing this season, challenging for a Champions League spot as Newcastle United did last season. In TV parlance it's like having the old cartel of BBC and ITV running football.

"How much better has it been for the viewer opening it up for other platforms? Why can't an up-and-coming club be allowed to spend and threaten the current cartel?

"Look at the excitement Wrexham have generated by spending lower down the leagues. They will soon probably run into rules governing their spending."

Gray, who alongside Richard Keys fronts the successful Premier League coverage in Qatar for beIN Sports, also believes Everton and Nottingham Forest have been unfairly targeted.

"Regarding Manchester City we are still waiting on those 115 charges which is ridiculous when you think what has happened to Everton and Nottingham Forest," he continued. "Who knows what is going to happen to Chelsea?"

Yet, with financial concerns looming over the entire Premier League, which has seen its popularity skyrocket with the arrival of global stars, Gray expresses worry about the future.

He concluded: "Okay we need to watch what we are doing but we shouldn't restrict teams going out and buying the best players enabling us to enjoy watching them play in the best league. I'm worried we are going to influence the quality in the league."