Local clubs hitting financial crisis is not a strange thing, it happens every year. If Football Association of Maldives (FAM) think introducing a salary cap will solve this issue, they are the most foolish people in the world.
First of all, salary cap is something that had been tested and failed big time in local football. No matter how powerfully FAM states that they are ready to regulate clubs, the truth is they are not. They cannot monitor financial activities of clubs and they cannot suspend a club if an unknown wealthy fan decided to gift few hundred thousands to a player.
The reason why clubs end up in financial crisis is very simple; they spend more than what they earn. To prevent this developed countries and associations introduced Financial Fair Play (FFP).
FAM must introduce FFP and set up a framework to monitor financial activities of these clubs. They should know the sources of income of each club and how feasible they are and then make sure these clubs spend within that.
FAM cannot simply put a price on players and ask them the length of contract they have to sign. We already have enough issues between players and FAM and if they start to put a price on players, the best player could end up as the cheapest. This will also add more pressure on FAM.
Everyone knows local clubs operate on loss. As the governing body, FAM must provide a platform for clubs to generate revenue and run within their financial capacity. That way the richest club today will not go bankrupt tomorrow.