Absolutely.
Unfortunately there are too many tin-pot clubs in the Premier League at the moment who have to stretch beyond their means to try to stay there.
Rather than address the real issue (lack of financial controls, inadequate cascading of money through the pyramid, the interests of the clubs being mislaigned with the interests of the sport etc...) they prefer to create a tighter little cabal.
I support his proposals provided that Bolton, Hull, Wigan, Fulham, Portsmouth, Birmingham City and Blackburn Rovers are mandatorily removed from the new league and replaced with Derby, Notts Forest, Leeds, Sheffield Wednesday, Saints, Norwich and Newcastle. Seems fair to me.