The Independent Football Regulator warns English professional football stands on the edge of financial disaster due to widening losses and rising debts. English men's professional football generated £9bn in annual revenue last year, yet 94% of teams lost money. In the Premier League, average pre-tax losses doubled since 2022 to £44mn per club in 2025-26.
Outside the top division, almost two-thirds of clubs are technically insolvent, with more than a quarter unable to survive a month without shareholder funding. The report highlights the case of Manchester City, found guilty of inflating its financial position by over £900mn between 2009 and 2018. Regulator chair David Kogan stressed the IFR's independence, stating he would resign if faced with political pressure, particularly regarding Manchester City's ownership linked to Abu Dhabi's royal family.
The regulator awaits the outcome of City's appeal before taking action. Despite £7bn in US investment between 2020-21 and 2024-25, investors have lost 41% of their original return, underperforming the FTSE 100's 36% return. The IFR possesses powers to force out unfit owners or force club sales.
Kogan emphasized the regulator's absolute independence amid political sensitivities surrounding the City case and UK-UAE relations.
Source: Financial Times Companies · Summarized by HeadlinesBriefing