Study finds most top-four clubs fail regulator standards

A new study of English football's finances warns that almost half of clubs in the top four divisions are running on empty, with only a handful meeting standards set by the incoming Independent Football Regulator. The 2025 Fair Game Index, published this week, found that just four fulltime clubs would currently satisfy the regulator's criteria for good practice: Brighton and Hove Albion, AFC Wimbledon, Cambridge United and Carlisle United. Sixth-tier Bath City was the only other club surveyed to meet all the report's benchmarks.

The Fair Game Index assessed 164 professional and semiprofessional clubs across eight indicators, including finance, governance, transparency and fan engagement, as well as community engagement, diversity, environment and ethics. The report gave five clubs Gold Awards for being regulator ready and commended a further nine with Silver and 13 with Bronze awards. Several high-profile Premier League clubs were singled out for progress, with Chelsea, Manchester City, Manchester United and Tottenham Hotspur receiving Silver Awards and clubs including Arsenal, Liverpool, Brentford, Burnley and West Ham United receiving Bronze Awards.