The majority of clubs in the English football pyramid are “living on the edge of financial disaster”, a landmark ‘State of the Game’ report by the new independent football regulator has found.
The watchdog, which was signed into UK law last year in a watershed moment for English football governance, has warned that “urgent reform” is required to protect the financial sustainability of clubs, reporting that 94 per cent of teams in England’s top five leagues made a loss in the 2025/26 season.
