The Premier League and EFL both praised the Independent Football Regulator’s State of the Game Report.

The major analysis evaluates football’s financial viability in England.

What is the report?

According to talkSPORT reporter Ben Jacobs, the research highlights a game with great revenue and risk.In 2025/26, professional clubs generated £9 billion in revenue. Since 1992, Premier League clubs have risen on average ten times faster than the UK GDP.At the opposite end, 94% of clubs make losses, 32 clubs cannot survive 30 days without owner funding, and 60% of EFL and National League teams are technically insolvent. Additionally,

20% of Premier League clubs fall into this category.The solution focuses on revenue distribution, with the independent football regulator convinced that the Premier League and the EFL would eventually achieve a funding agreement.

“And the independent football regulator has outlined plans to address financial losses, look into a National League specific strategy and tackle financial and corporate governance.”

What did the Premier League and EFL say about the report?

The 250-page study was initially issued in draft format.

The Premier League expressed satisfaction with the publishing of the Independent Football Regulator’s (IFR) draft State of the Game Report.The Report acknowledges what English football has accomplished, including the world’s most popular league, the best second tier, and an unrivalled pyramid of depth. It also indicates important difficulties within the game that must be solved in collaboration.

“The Premier League agrees with the IFR’s preference for a football-led revenue sharing arrangement. The Report emphasises the need for robust financial controls and reforms to strengthen clubs, in addition to fresh funds.Our proposal to the EFL, adopted by all Premier League teams in July, aligns with the IFR’s Report objectives.The League aims to establish a long-term collaboration with the EFL that is fair, generous, and balanced for all clubs.

“We will now study the Report in detail before responding to the consultation, and will continue to work constructively with the IFR, and all stakeholders, to protect and strengthen the deepest professional pyramid in world football.”

The allegation comes in the wake of Manchester City being found guilty of breaking Premier League financial rules, a decision that the club has appealing.

An EFL statement, however, reads as follows: “The Independent Football Regulator’s draft State of the Game Report provides a significant and comprehensive assessment of the financial health of English football.”Upon initial review, many of the Report’s central conclusions reflect concerns raised by the EFL since the publication of the Fan Led Review, particularly the disproportionate distribution of growing revenues and the financial cliff edges this has created, most notably between the Championship and Premier League. These constraints distort competitiveness, leading to increased losses, debt, and reliance on owner investment, posing significant problems for teams across the pyramid.These initial findings support the EFL’s long-held belief that English football generates enough revenue to support both a successful Premier League and a vibrant pyramid.

The EFL’s goal is to assist clubs become more sustainable, and the difficulty is not only how much money enters the game, but how it is divided and spent. To strengthen clubs’ financial situation and prevent cost inflation, effective and enforceable financial regulation should accompany a more equitable revenue allocation.The EFL endorses the Report’s emphasis on lowering financial losses,

improving Club financial risk management, and ensuring that governance standards reflect risks across the pyramid, especially at the National League level. We also understand the significance of genuine supporter interaction, solid corporate governance, and increased diversity in club leadership. These initiatives must be part of a comprehensive reform strategy that includes improved revenue distribution and efficient cost controls.