Figures show English football's record revenues can't shield from crisis

In the forum of the English football community, the latest figures are being discussed: Despite record revenues of around £9 billion (about €10.6 billion), many clubs are on the brink of financial ruin. The independent football regulator IFR has published alarming facts in its draft “State of the Game” that characterize an industry that loses more than it earns.

Losses across all leagues

In the past season, 94 percent of the 116 clubs in the top five divisions recorded losses. More than a quarter of all clubs would not be able to survive longer than thirty days if their owners withdrew financial support. Over 60 percent of the clubs from the English Football League and the National League are considered technically insolvent, and 17 clubs would still record losses even without any payment of player wages.

Rising debt and widening gap

The debt of English clubs rose from around £2.8 billion (€3.3 billion) in the 2020/21 season to £4.1 billion (€4.8 billion) in the now‑finished 2025/26 season; £5.1 billion (€6 billion) is expected for the upcoming season. About three‑quarters of this debt is attributable to Premier League clubs. At the same time, the average loss per club over the last five seasons has almost doubled, increasing from £20 million to £44 million per year (€52 million).

IFR warns: English club football on the brink of a financial disaster

IFR chairman David Kogan said: “While some of our clubs are among the richest and most competitive in the world, others are on the edge of a financial abyss.” He emphasized that revenues have risen sharply, but costs have risen even more, increasing dependence on owners. Kogan called for interventions and a reform of the distribution mechanisms, as an average Premier League club now earns more than eight times that of an average second‑division club.

In the wake of the unprecedented financial scandal surrounding Manchester City, the Premier League was charged by an independent commission with 114 counts of breaches of financial rules. The club, ten‑time English champion, faces severe penalties up to the revocation of titles or forced relegation. Manchester City denies the allegations and has appealed the verdict.

The IFR analysis shines a light on the discrepancy between record revenues and alarming deficits that threaten the entire English football system. While transfers, gaming offers and premium services continue to generate high revenues, the financial stability of many clubs remains uncertain.