# State of the Game Report Finds English Clubs on Financial Brink

> Independent Football Regulator warns most English clubs face financial collapse without urgent reform.
- Title: State of the Game Report Finds English Clubs on Financial…
- Summary: Independent Football Regulator warns most English clubs face financial collapse without urgent reform. Most English football clubs are losing money despite…
- Keywords: independent football regulator, english clubs, financial brink, premier league, championship, parachute payments, financial risk, club insolvency, sports, State, Game, Report
- Source: Sky Sports — https://skysports.com/football/news/12040/13598894/state-of-the-game-independent-football-regulators-report-finds-most-english-clubs-living-on-financial-brink
- Author: Geraint Hughes
- Published: 2026-10-13T17:00:00+00:00
- Read time: 1 min
- Topics: independent football regulator, english clubs, financial brink, premier league, championship, parachute payments, financial risk, club insolvency, sports
## State of the Game Report
The Independent Football Regulator produced a report finding most English clubs live on the edge of financial disaster.
## Financial Crisis
94 percent of clubs are loss-making despite £9bn annual revenue, with excessive short-term spending risking long-term security.
## Dangerous Debt
Clubs face a dangerous cocktail of rising debt and over-reliance on owner funding, leaving fans at risk.
## Financial Cliff-Edges
Premier League clubs earn eight times more than Championship clubs, with parachute payments causing overspending in lower leagues.
## Insolvency Risk
Over 60 percent of EFL and National League clubs are technically insolvent, with liabilities exceeding asset value.
## Cash Cover Crisis
32 clubs have less than 30 days' cash cover, risking insolvency if owner funding is withdrawn.
## Chair's Warning
David Kogan says clubs depend on one thing: a new owner, which may dry up.
## Six-Point Plan
The IFR proposed reforms to improve financial risk management, revenue distribution, and club stability.
## Urgent Reform Needed
The IFR warns structural changes are critical to prevent clubs from collapsing without new owner funding.
## Key takeaway

Most English football clubs are losing money despite £9bn annual revenue, with 94% trading unprofitably and 32 clubs having less than 30 days' cash cover.