Football regulator reports widespread losses and owner-funding risks across English game

English football's Independent Football Regulator has published its State of the Game report, finding that 94% of clubs across the top five divisions made losses in 2025-26. The official report puts annual revenue at around £9bn but losses at £1.7bn, exposing a gap between the game's income and clubs' financial resilience.

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The regulator's evidence gathering found that 29% of clubs could not continue for more than 30 days without fresh owner funding, while 66% could not last beyond 90 days. Most EFL and National League clubs had no contingency plan for an owner becoming unable or unwilling to keep providing money.

Rising costs were another central finding. Seventeen clubs in the EFL and National League had non-player expenses above their total revenue, meaning removing player pay alone would not eliminate their losses. Average Championship losses reached £22m in 2025-26, around 59% of revenue, according to the regulator's published figures.

Chair David Kogan told Sky Sports that the regulator wanted to intervene before financial problems became crises. He said clubs needed greater stability rather than relying on another owner arriving to support them. He also warned that neither a continuing supply of investors nor future media income could be taken for granted.

Kogan said licensing would begin in November, allowing the regulator to work directly with clubs whose financial exposure required attention. He described business plans with more than 30 days of cash cover and proper provision for debt as part of that work. Longer-term cost controls would also be discussed with leagues, Sky reported.

A new distribution agreement between the Premier League and EFL remains unfinished. Sky Sports reported that the regulator prefers the leagues to reach their own settlement, while retaining a backstop power to intervene. Kogan said any deal should combine increased funding for lower divisions with controls on its use.

Separately, the Guardian reported that Kogan would resign over political interference and said he had faced none. The official report's six-point action plan also calls for improved financial-risk management, governance and consideration of supporters' views.