Wednesday briefing: Regulator warns most English clubs face financial disaster

The Independent Football Regulator (IFR) says English football’s finances are “dangerously exposed, with the majority of clubs living on the edge of financial disaster”.

Its State of the Game report found that 94 per cent of clubs in the top five English leagues made losses in 2025/26. More than 60 per cent of EFL and National League clubs were technically insolvent, while 17 clubs across those leagues would still make a loss if their players played for free.

The report says 66