THE biggest probe into football finances is about to be launched - with a staunch Middlesbrough fan at the helm.

MP Alan Keen will lead the six-month inquiry, launched in the wake of the ITV Digital collapse and spiralling players' wages, which many believe are destroying the game.

The Government is reportedly considering legislation that would lead to more of the money accumulated by clubs such as Manchester United and Arsenal filtering down to lower league clubs.

Figures from Soccer Investor magazine show big losses made by Premier League clubs. Newcastle United, Middlesbrough and relegated Sunderland are all listed as having losses running into tens of millions of pounds.

Managers, directors, players and broadcasters will all be questioned in the inquiry.