Just four clubs in the top four divisions are ready for the arrival of English football’s new independent regulator, according to a new study.
Brighton, Cambridge, Carlisle and AFC Wimbledon are the only clubs already up to speed, as set out in the Fair Game Index published on Wednesday.
The Index found almost half of the 92 Premier League and EFL clubs (43) have less than one month’s cash reserves to cover operating costs, with just nine having three months’ reserves.
The independent regulator is set to be up and running before the end of the year. Its main purpose will be to operate a licensing system designed to ensure clubs are run sustainably and are accountable to their fans.
Fair Game is a campaign group which had long called for the establishment of a regulator.
Its chief executive Niall Couper said: “If anyone had any doubts whether football needs a regulator, today’s report blows those doubts out of the water.
“Financial recklessness is rife, good governance is a rarity, and matters concerning ethics and environment rarely reach the boardroom.
“There are some exceptions and we are delighted to champion those clubs today. These clubs are exemplars and football’s financial flow should look to reward them.
“Fair Game is delighted that a regulator is now in place – something we campaigned for – and we will do all we can to make sure it is a success and our hope is that the 2026 Index will show significant signs of improvement within our national game.”
The Index, which looked at 164 clubs in all down to National League North and South in the 2024-25 season, found 75 per cent of Premier League clubs were technically solvent – meaning a club’s assets at least match its liabilities.
However, only five per cent of those clubs were found to have three months’ cash reserves.
Only 29 per cent of clubs in the top four divisions had a wage-to-revenue ratio of 70 per cent or less. Seventy per cent is the limit imposed at UEFA level in its financial sustainability regulations.
The lowest number of clubs below or at that threshold were in League One – where just 13 per cent of clubs had a wage-to-turnover ratio of 70 per cent or less.
Nine clubs – including Chelsea, Manchester City, Manchester United and Tottenham in the top flight – were given silver awards for making good progress towards being regulator-ready, while a further 13 were awarded bronze for meeting what Fair Game described as minimum standards.
The regulator, which had no role to play in compiling the Fair Game report or in what the report considers “regulator ready” criteria, is set to operate a new owners, directors and senior executive (ODSE) test designed to weed out rogue individuals, which will have wider and greater powers than similar tests operated by the Premier League and the EFL.
Regulator staff are already working closely with clubs and the leagues in preparation for its introduction, with the response of clubs understood to have been overwhelmingly positive.
