SHAKERS joint chairman John Smith has given his full backing to the Football League body being set up to help Third Division clubs manage their finances.

The Financial Monitoring Unit will be made up of Football League officials, the Professional Footballers' Association, supporters' groups, accountants and business specialists.

The unit will begin its work next season and if it proves a success the scheme will be extended to all 72 League clubs.

The aim is to help teams come to terms with the financial crisis that has swamped the game, particularly outside the Premier League, since the demise of the ITV Digital sports channel.

The unit, which will help Third Division clubs draw up business plans and manage their finances so they don't spend above their means, is to be funded by both the Football League and the PFA.

It will also weigh up how clubs can increase their revenue and will employ business specialists to examine their accounts.

"It would be a marvellous thing," said Mr Smith.

"I'm sure it would be a boon to small clubs like ours who are struggling to make ends meet.

"We are very prudent and have to sign players on month to month contracts and as a consequence there's no way we could bring in top class players now.

"The only way is to nurture young talent and bring them through."

No Third Division club made an operating profit last year according to figures and many have been facing crippling financial problems this term too.

Football League chairman Sir Brian Mawhinney and Gordon Taylor, chief executive of the PFA met last week to discuss details of the unit.

Taylor said: "We have to make sure clubs are financially sound and the feedback we are getting is that many would appreciate help in running their affairs.

"Clubs would have to make their books available to specialists to ensure that they are not spending beyond their means.

"Football is facing a terrible financial crisis and greater financial controls need to be introduced."

But Smith believes the PFA also have a duty to struggling clubs whose players out injured in the long term.

And he thinks some help should be available to pay players' wages while they are not available.

"The union has to realise that teams at our level are being crippled paying wages to players who are unavailable for long periods," he added.

"It is a bigger problem than people realise and is a really big problem for clubs such as ours.

"We are doing our best to fulfil our obligations to our players but some help in that quarter would be very beneficial.

"I don't know how First Division teams manage paying their injured players on the massive wages they are on. It's a situation that needs addressing quickly."