English football's finances are "dangerously exposed, with the majority of clubs living on the edge of financial disaster", according to a landmark report by the independent football regulator. Research by the watchdog found 94% of clubs in the top five English leagues made losses in 2025-26, and more than 60% of EFL and National League clubs are technically insolvent. The regulator (IFR) warns of "a dangerous cocktail of rising debt and an over-reliance on owner funding, leaving clubs and their fans at risk".
The 'State of the Game' report also suggests that despite the economic success of the Premier League, the financial 'cliff-edges' between and within leagues have grown significantly. Seventeen clubs across the EFL and National League would be loss-making even if their players played for free, and 66% of clubs could not survive more than 90 days without new owner funding. Some 68% of clubs have no contingency plan if their owner walks away.
IFR chair David Kogan told BBC Sport that "seventeen clubs are now trading in such a way that if their players played for free, their non-playing costs would mean they would go bust". He added that thirty-two clubs are operating on only 30 days' cash. "We can actually fix the house while the sun is still shining," he said.
The report also found that the average Premier League club now earns more than eight times the average Championship side. The IFR has the power to impose a new funding settlement between the Premier League and EFL, which has been stalled for years, warning that "if football can't find a solution we will consider our next steps". The Premier League, EFL, Football Association and Football Supporters' Association have all welcomed the findings.
Source: BBC Sport Football · Summarized by HeadlinesBriefing