An overwhelming majority of English football clubs are struggling to stay financially sustainable, with 94% of teams across the top five divisions of the men’s game operating at a loss, according to a new report by the Independent Football Regulator (IFR).
The regulator’s draft State of the Game report, published Tuesday, October 13, paints a worrying picture of an industry generating about £9 billion in revenue last season, yet heavily dependent on owners to stay alive.
Key findings:
- 32 clubs could not survive for more than 30 days without owner funding.
- 17 clubs would still make losses even if their players played for free.
- Total debt across English football could exceed £5 billion by the end of this season.
- Net transfer debt stands at about £3.4 billion.
- Payments to agents reached £484 million in 2024/25.
Chair of the IFR, David Kogan, warned in the foreword that English football is simultaneously the “richest, best and most deeply competitive in the world while also standing on the edge of financial disaster.”
He said: “At the moment, the sun is shining. There’s £9bn a year coming in. This is the very moment to address the issues of liquidity and losses and debt, before suddenly you see the money going backwards and it’s too late.”
The report also comes amid fears that broadcast revenues could plateau or decline in the next cycle.
Reacting, Dame Caroline Dinenage, chair of the House of Commons Culture, Media and Sport Committee, said: “It’s sobering that, while English football made around £9bn last season, 94% of clubs were loss-making. With so much cash sloshing around how can we be in a situation where hardly any clubs can stand on their own two feet?”
The report will go through an eight-week public consultation before final recommendations.
It also comes as the Premier League and EFL negotiate a new financial redistribution deal. The Premier League has proposed £180m annual solidarity payments to EFL clubs, while the EFL is seeking £207m. If they fail to agree, the regulator can impose a settlement.
Source: The Guardian / IFR State of the Game Report