Unlike some Tranmere morons on twitter, I don't take any pleasure from what is happening today. I still believe the Bury and Bolton supporters should have done more to hold their owners to account, and should have listened to the warnings from other clubs and large sections of the media.
However, this situation is ultimately the result of the mess created by Sky TV and the Premier League following the breakaway in 1992. The levels of spending at the top of the pyramid are completely unsustainable and clubs lower down the order are being encouraged to behave in the same fashion. Rather than protecting its historic members, the 'EFL' is now behaving like Premier League 2 and doing nothing to curb reckless behaviour - in fact, it is actively encouraging it. It is more concerned with maintaining the global 'brand' of the Championship, a division with some of the highest debt to income ratios in world football, than serving the game at the grass roots level.
In tandem with the arrival of bankrolled 'hobby' clubs and the threat of Premier League 'B' teams in Leagues One and Two, I see this as a gradual erosion of the foundations of the Football League.