Crystal Palace manager Ian Holloway has criticised Chelsea's decision to sign a contract worth nearly £2m with teenager Ruben Loftus-Cheek.

The Blues have agreed a deal with the 17-year-old, which is worth around £1.7m, and Holloway has said that such deals "turn his stomach" and believes that the game needs to return to the days of apprenticeships.

"I don't know young Ruben and I sincerely wish him all the luck in the world as he embarks on his career," he wrote in his column in The Mirror.

"But what kind of game has football become if clubs are prepared to pay the kind of riches the man in the street can only dream of based on potential, rather than achievement?

"Players may be adored by many, but there is a perception that the average footballer is nothing more than an overpaid egomaniac who is only interested in the size of his bank account. Making players millionaires before the age of 20 is, in my opinion, morally and ethically wrong."

The Palace boss believes that a return to the days of youth players serving apprenticeships at clubs would see a marked improvement in the behaviour of stars, who he feels have "lost touch" with reality.

"Football has long been accused of losing touch with the real world," he wrote. "Football has changed for the better in so many ways in recent years – especially the rewards that are now on offer.

"But doing away with the apprenticeship system that used to prepare players for a career in the game was a big mistake. The Professional Footballers' Association will say that being a skivvy has nothing to do with scoring a goal or making a tackle, but that misses the point completely.

"Clubs didn't just train professional footballers, they accepted a responsibility to produce decent human beings. Those early years taught me the virtues of hard work. I learned about respect."

Palace are currently fourth in the Championship.