Championship clubs have approved new Squad Cost Regulation rules after a season where financial reality bit hard. Only three clubs recorded a profit in 2024-25, with Stoke City's books saved only because owner John Coates wiped a £90m loan off the books. Without that write-off, the 22 reporting clubs would have posted a combined £317m loss.

Under the new framework, clubs can spend up to 85% of income on player and manager-related costs. Owners receive a flexible equity top-up allowance of £33m spread across three years, with no more than £15m usable in any single season. Commercial safeguards now apply to deals involving club owners or associated parties.

The rules favour wealthier clubs with larger stadiums and stronger sponsorship deals, giving them more room to invest in transfers. League One wage spending caps drop from 60% to 50% of turnover, while relegated Championship clubs face a reduced allowance of 65% in their first season down. League Two rejected the same cost-management rules, leaving their situation unresolved.