English football regulator finds 94% of clubs are loss-making

The Independent Football Regulator published a draft report on October 13 warning that most English football clubs remain loss-making despite industry revenue exceeding £9 billion.

The regulator found that 94% of the 160 clubs it oversees operate at a loss. It linked financial vulnerability to spending aimed at keeping pace with rivals, rising debt and reliance on cash from owners.

More than a quarter of clubs would be unable to survive for over a month if their owners withdrew funding, according to the report. Most lack a basic contingency plan for that possibility.

The regulator proposed measures to improve financial risk management, including larger cash reserves and plans for the loss of owner funding. It also called for changes to revenue distribution. The draft is open to consultation until December, with a final report expected in early 2027. Its findings describe financial risk, rather than announcing that individual clubs have entered bankruptcy.