Arsenal vice-chairman David Dein has warned that football's transfer system could disintegrate unless clubs start to respect Premier League rules.
Gunners full-back Ashley Cole is set to appeal against the £100,000 fine he received for meeting with Chelsea, claiming restraint of trade.
"The fact is that there are rules in place," said Dein.
"If clubs decide rules shouldn't be there, we'd have a free-for-all. There'd be no stability in the game."
Chelsea were found guilty on Wednesday of 'tapping-up' Cole and fined £300,000.
The club was also given a suspended three-point deduction, while Cole was handed a £100,000 fine.
Blues boss Jose Mourinho will have to pay a £200,000 fine for his part in the infamous January meeting in a London hotel.
"It depends what society we want to live in," added Dein.
"If we want to go over red lights then there will be accidents and some will be fatal and others not fatal.
"The point is the rules should be respected, set for the benefit of all Premier League clubs. We signed up for them and therefore they should be followed by all the clubs."
Dein said football was a special case, and should not be subject to the same rules as other industries.
"The public pay for the loyalty of the players, they don't expect players to move just at the drop of a wallet," said Dein.
"Football is different. The clubs respect their part of the contract, they pay players when they're injured or off form, so it's important the contracts are respected on both sides."
Meanwhile, Professional Footballers' Association chief executive Gordon Taylor admitted the three-man commission had little option but to find Cole guilty.
But Taylor insisted the England international had been given bad advice by agent Jonathan Barnett.
"There are no particular rules here against the agents involved and Ashley has been placed in a position where the commission can only act against him," said Taylor.
"To place Ashley in a meeting in a public hotel is really leaving him wide open."
Taylor also said Cole's 'restraint of trade' argument did not stand up to scrutiny.
"Players are free at the end of their contract," he said.
"Even during a long-term contract after three years they have a right to speak to other clubs. There is ample opportunity.
"All Chelsea needed to do if they were interested in Ashley Cole was inform Arsenal as well as speaking to the player."
But Dennis Roach, an agent and spokesman for the International Association of Football Agents, takes the opposite view, describing the current rules as "ridiculous".
"Everyone knows that if it is challenged - as it looks like it now will be - it would be broken," Roach told BBC Radio Five Live.
"It will end up in the courts and have a lot of implications for the future. A contract is a contract but people should be allowed to speak to other clubs.
"I think players should be given much more freedom."