Regulator warns English football must address finances 'before it is too late'

The Independent Football Regulator (IFR) has warned that English football must address financial risks “before it is too late,” releasing a draft “State of the Game” report on Tuesday. It says English football generated £9bn in revenue last season, yet 94% of clubs across the top five divisions were loss-making. The report estimates 32 clubs could not survive more than 30 days without owner funding, and 17 would still be loss-making even if players were free. IFR chair David Kogan forecasts total debt could exceed £5bn by season’s end, with net transfer debt around £3.4bn as broadcast income is expected to plateau or decline. The regulator also calls for reforms to distribution mechanisms, noting Premier League clubs earned 8.7 times more than Championship clubs in 2024-25 versus 2.7 times in 1992-93. It describes parachute payments as “distortive” but necessary after the 2024-25 relegation losses averaged £70m, and discusses merit-based elements in a proposed funding deal.