£9bn in revenue, yet 94% of English clubs lose money

The Independent Football Regulator's draft State of the Game report, published on 13 October 2026, found that 94% of clubs in England's top five divisions (109 of 116) made a loss in 2025-26, despite revenue of £9bn. The average Premier League club lost £44m before tax.

66% of clubs could not survive more than 90 days without fresh owner funding, 32 clubs hold less than 30 days of cash, and 68% have no contingency plan if their owner withdraws support. More than 60% of EFL and National League clubs are technically insolvent.

17 clubs would be loss-making even if their players were unpaid; 20 clubs spend more than 80% of revenue on wages and six spend more than 100%. Clubs spent about £4.8bn on transfers against £1.5bn from player sales.

Debt rose from £2.8bn in 2020-21 to £4.1bn in 2025-26, up 46% in five seasons, and is forecast to reach £5.1bn next season, three-quarters of it at Premier League clubs. Investors lost 41% of their capital since 2020-21, while the FTSE 100 returned 36% over the same period.

An average Premier League club earns more than eight times an average Championship club; revenue rises 376% on promotion, while relegated clubs lost £70m of revenue on average. The regulator calls for revenue redistribution, softer relegation impact, less distortive parachute payments and a cash requirement of more than 30 days in club licensing. The draft is open for an eight-week consultation, with a final version due in the spring.