Majority of English football clubs ‘on the edge of financial disaster’, landmark report finds
A new report from the independent football regulator reveals that 94% of English football clubs in the top five leagues operated at a loss during the 2025/26 season. The findings highlight a systemic reliance on owner funding and warn of potential financial instability across the pyramid.
Why it matters
The financial health of English football is a major concern for the sport's long-term sustainability and the preservation of clubs as cultural assets.
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.
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