The State of the Game (SotG) report published on 13th October 2026 is the IFR’s first major output. The 245-page report sets out the regulator’s assessment of the financial health of the game and provides an early indication of how interventionist it may be in applying its licensing powers. As a draft publication, the IFR must consider any responses before issuing its final report by May 2027.
Key findings
The report sets out the IFR’s view that English football is in poor financial health at all levels of the game. It considers that a new package of financial support is needed to sustain the football pyramid. This must be accompanied by action that will reduce financial risk, but changes should not undermine the success of the game.
Below are the key takeaways from Alvarez & Marsal’s Sports Advisory team:
Growth: Football, particularly the Premier League, has been excellent at driving revenue growth, with huge amounts of inward investment. The UK£9 billion of revenue in English football in 2025/2026 is far higher than any comparable market.
Lack of cost control: Despite strong revenue growth, an inability to control wages means 94 per cent of clubs are loss making and under severe financial pressure. This is because clubs continue to spend heavily on players to improve on and off-field performance and grow their enterprise value.
Financial cliff edges: One contributor to wage inflation is the cliff edges between divisions, where a promotion leads to a big jump in prize money, broadcasting, and commercial revenue. This incentivises overspending and excessive risk taking, as clubs chase the financial rewards on offer from progression through the leagues. Equally, relegation can be catastrophic to a club’s long -term financial health, as revenue drops sharply.
For the complete list of key findings and insights – covering debt, owner reliance and redistribution – download the report here.
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