The Independent Football Regulator has warned that time is running out for the Premier League and English Football League to resolve their financial dispute. Chair David Kogan told the Financial Times Business of Football Summit that the regulator could intervene if the leagues fail to reach a new settlement over parachute and solidarity payments.

Kogan described the current situation as "an utter failure by football" and emphasized that the £3.4bn revenue gap between the leagues creates unsustainable conditions. The Premier League's turnover has grown 80 times since 1992-93 while the EFL's has grown only six times, leading to operating losses averaging £17m and debt reaching £1.5bn. EFL chair Rick Parry called the current system "the most expensive lottery ticket on the planet" that clubs chase for promotion.

The regulator's intervention threat comes as Sheffield Wednesday faces administration after a takeover collapsed. Kogan said the IFR's monitoring powers could have prevented the club's crisis if they had existed three years ago. "If we existed three years ago, many of the powers we now have would have pre-empted what has since happened," he stated, highlighting how the regulator could spot financial problems early and steer clubs toward stability.