With a survey published last week that showed a large amount of those within the game as well as supporters feel that players at the top are paid too much, Glenn fears for the future of the game.
"It is totally self-inflicted to be completely honest," he says. "It is a case of football getting its house in order and getting the finances right.
"There are some worrying signs at some Premiership clubs, and certainly when you look at last season's three relegated clubs - it is difficult for all three of them and they all need to bounce back this season."
More and more clubs are going into administration or asking their staff to take a pay cut, and Glenn adds: "Once you look at other areas of the first division it is not looking good, and the second and third divisions are unbelievably bad.
"I don't know how long some of these clubs are going to survive, and I don't think the worst is over by any means.
"There is still a fair mount of blood letting to be done before football settles down and we see it in a revamped, reshaped form.
"What that form will be I wouldn't like to predict but the game has had its fingers burned; financially it mustn't happen."
This coming weekend, Hammers travel to Sunderland - a club whose expenditure has been amongst the highest in the Premiership in the last year or so.
But the big spending has not led to success and of course the club parted company with Peter Reid last week before bringing in Howard Wilkinson.
"We all would have liked to have kept on or found money to spend to bring in expensive new players; no one would have liked to have done that more than me," admits Glenn.
"I know the importance of the quality of the player you have at your disposal; the better the player the more chance you are going to give yourself of being successful.
"But on the other hand you have to understand, if you are a responsible person, that you have to get the housekeeping right.
"You can't run any business where you are spending more money than you are taking in - that doesn't stack up.
"Ultimately the house falls down and the whole thing caves in, and we are seeing signs of that at other clubs.
"On the one hand we have got to be as successful as we can on the field and on the other we have to make sure the club is here for ever and ever."