Regulation seems the only path towards sustainability

With 22 of the 24 clubs in the Championship from the 2019/20 season having published their accounts, we have taken a closer look at the initial impact of the pandemic on the biggest sub-top division in the world.

The accumulated loss before taxes was €512 million in 2019/20, with shareholder loans on the rise again. On top of that, the average wages-to-revenue ratio rose to 126 per cent.

Given a full season without spectators and a depleted transfer market, the annual accounts for 2020/21 could make terrifying reading.