An independent regulator says English football is in a perilous financial state, with most clubs losing money and many effectively insolvent. It warns urgent reform is needed across the pyramid.
01Summary
- 01The independent football regulator says 94% of clubs are loss-making and more than 60% of EFL and National League clubs are technically insolvent.
- 02IFR chair David Kogan told BBC Sport that 17 clubs would go bust if players played for free and 32 clubs have only 30 days' cash.
- 03Transfer financing has risen from £55m in 2020-21 to £779m in 2024-25, while about £1.2bn of future transfer income has already been monetised.
- 04In 2025-26, English clubs reported about £4.8bn in transfer payables and £1.5bn in transfer receivables, leaving net transfer debt of around £3.3bn.
- 05The report says the Premier League and the EFL are still without a new funding settlement, while the gap between the top flight and the Championship has widened to 8.7 times.
02Why it matters
The report suggests many English clubs are vulnerable to a sudden cash shortfall and could struggle if owner funding stops. It also raises pressure for a new financial deal to protect clubs lower down the pyramid.
Pulse AIAsk about this story
Answers are generated by AI from the story summary; they are not investment, health or legal advice.
