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English football 'dangerously exposed' to financial risk, regulator finds

The regulator says 94% of clubs are loss-making and warns that debt, wage costs and transfer financing are pushing the game toward financial stress.

  • On Tuesday, the Independent Football Regulator published its draft "State of the Game" report, finding that 94 per cent of clubs in England's top five divisions lost money last season despite generating £9 billion in revenue.
  • The regulator warned of a "dangerous cocktail of rising debt and an over-reliance on owner funding," leaving clubs operating on financial "cliff edges" while pursuing an unsustainable spending model.
  • Data revealed 32 clubs operate on only 30 days' cash while 17 clubs would be loss-making even if players played for free, as reliance on "transfer financing" reached £779 million last season.
  • The IFR called for "urgent reform" to protect clubs' financial sustainability, while the Premier League and English Football League continue discussions on a new financial settlement despite ongoing negotiations.
  • By 2030, clubs must meet "Appropriate Financial Resources" requirements under IFR licensing rules, though CEO Richard Monks warned regulators must anticipate "creative compliance" as teams push financial boundaries.
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Daily Mirror broke the news in London, United Kingdom on Tuesday, October 13, 2026.
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