Fair Game UK welcomes the publication of the Independent Football Regulator’s (IFR) State of the Game report and its conclusion that English football is standing on the edge of financial disaster.
This is not news to us as we have regularly voiced concerns over the perilous state of the football industry’s finances.
The IFR’s report concurs with our research as well as the findings of the Fair Game Index.
The report revealed that English football generated close to £9bn of revenue in 2025/26, with the share of the money split between the leagues: Premier League £7.5bn (83%); Championship £1bn (11%); Leagues One & Two £460m (5%); National League £70m (1%).
Despite this income, 94% of clubs across the top five English leagues were loss making last season.
The report covers areas we have previously raised such as the such as identifying how many clubs are technically insolvent across the top five leagues of the football pyramid, that many clubs do not have the cash to survive more than 90 days, the financial disparity between the leagues, the impact of parachute payments on Championship clubs and so on.
Having campaigned vigorously for the establishment of the Independent Football Regulator, the State of the Game report adds justification to our work and our findings since our launch five years ago.
For Fair Game UK, the report highlights the dangerous practices that have become embedded in football’s current financial model, including transfer financing. By setting out clear and hard-hitting evidence, it brings the scale of these issues into sharper focus, particularly for supporters who want to stand behind their clubs but may not yet be aware of the full extent of the problem.
It reflects a clear determination to confront, rather than overlook, the problems affecting the sport; the accelerating damage they are causing to clubs; and the urgent need for collective action to protect these vital sporting institutions.
Consistency and the accurate identification of the challenges facing football are the first steps towards uniting progressive stakeholders around a sustainable future for the game. The next step must be action and the IFR has put forward a six-point plan that will reduce systemic risk, improve club financial soundness, improve governance and fan engagement – as per the IFR’s statutory objectives.to avoid clubs falling over the cliff-edge.
As a leading football Think Tank in the UK, our role is to support the IFR in translating this research into action, whether through our own evidence and analysis or by helping clubs identify a pathway towards a better future: financially resilient, ethically governed, and sustainable.
We look forward to further discussions with the IFR. The task ahead does not lend itself to easy answers. Fair Game UK will continue to work with the clubs and football organisations within its network to identify practical solutions.
The full report is available here.