Regulator says 94% of English clubs operated at a loss

The Independent Football Regulator says 94% of the 160 English clubs it regulates were trading unprofitably, despite combined revenues of more than £9 billion, according to its draft State of the Game report published October 13. The report warns that losses, debt and dependence on owner funding expose clubs across the football pyramid to financial risk. The IFR says 32 clubs have less than 30 days of cash cover or could not survive that long without funding from their owners. It also found that 17 clubs in the English Football League and National League would make losses even if they paid no player wages. The findings come as English football generates substantial revenues, much of them associated with the Premier League, while many clubs struggle to cover their costs. The draft report identifies rising wages and short-term spending to compete for promotion as contributors to financial pressure. It says the average Premier League club’s revenue was 8.7 times the average Championship club’s in the 2024-25 season, compared with 2.7 times in 1992-93.