The league could stand to lose £150m in yet-to-be paid fees for years two and three of the deal with ITV Digital, which allows it to screen the Nationwide League and Worthington Cup.
It has already received £165m of the £315m it agreed with ITV Digital after signing a deal back in 2000.
The Football League is understood to be concerned over reports that Carlton Communications and Granada, which run ITV Digital in a joint venture, are considering closing the loss-making operator under pressure from shareholders.
Last week, ITV Digital posted better-than-predicted sales figures for the third quarter of the year. Stuart Prebble, ITV Digital managing director, claimed at the time that ITV Digital had the full support of its parents and there were no plans to shut it down.
ITV Digital's premium sports platform, ITV Sports, has only managed to pick up 138,000 subscribers of the 1.2m who have signed up for ITV Digital.
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