Arsenal chief executive Ivan Gazidis believes there is a "developing consensus" in the Premier League that there is a need for financial regulation.
UEFA have already introduced Financial Fair Play guidelines for clubs to live within their means. Arsenal recently posted a healthy pre-tax profit and Gazidis believes they provide the model which could be adopted by more clubs as they look to become self-sustaining.
He told BBC Five Live: "Arsenal were operating this way a long time before football looked at it and decided it would be a good path for football to move into."
Gazidis added: "I think people believe money can be spent without consequence and if we learnt anything from the financial crisis the world has had over the last few years it has to be unsustainable spending and unsustainable environments don't last forever.
"I think football is in a fantastic position to address this because we are in a position where I am very optimistic for the future of football. The revenues the game generates, particularly the Premier League's position, is fantastic. This is a very successful UK industry and it deserves a lot of credit for that.
"This is a great time for us, when things are going well, to address issues of unsustainability while we can because as we've learned addressing them from a position of weakness is never a satisfactory way to do it.
"The Premier League owners are coming together: I think there is a developing consensus around the fact we need some form of tighter financial regulations to make sure as we look forward that the interest of the Premier League, its clubs and the fans are well protected.
"(And) we are running our league on a sound financial business model and taking advantage of what this league has to become the world's leading sports league."
According to Gazidis, the Gunners have always tried to strike the balance between the long and short-term and have managed to resist just pushing for the latter without taking heed of potential consequences.
He also defended manager Arsene Wenger, who many have accused of letting the club fall far behind the likes of the Manchester teams due to his perceived aversion to spending money. Gazidis said: "I don't think Arsene is conservative, I think he is extraordinarily brave. I think he does things others don't do and sees things others don't see."