Fry says many clubs are on the brink of financial collapse.
He told The Sun: “I am frightened to death about the future of EFL clubs.
“I’m a lover of football and unless Financial Fair Play gets sorted out, clubs are going to go under in the lower leagues.
“Premier League clubs don’t give a s**t about anybody but themselves — they forget where they’ve come from half of them.
“We have, going through the EFL right down the pyramid, the best system in the world, and it’s going to be destroyed by the Premier League.
“We do not have a distribution which is fair or getting the Government to put a regulator in there to determine what they do.
“I feel that there is no way the Premier League will allow the Government to dictate to them and they are leaving it as late as possible to come up with a deal.
“But it doesn’t help the clubs in the EFL, who are under enormous pressure, as this is the worst window ever in dealing with transfers for the lower leagues.
“Look at the money being spent? F*** all! It’s frightening and we needed it sorted out, like yesterday!
“It’s like a pack of cards. Once one or two clubs go to the wall, a load of them will fold.”