Only four of 92 football clubs prepared for new regulator, an index warns

Brighton, Cambridge United, Carlisle United, and AFC Wimbledon are the only clubs currently meeting the required standards, as outlined in the Fair Game Index published on Wednesday.

The report also revealed worrying financial instability across the leagues: nearly half of the 92 Premier League and EFL clubs (43) have less than one month’s cash reserves to cover operating costs, while just nine clubs have reserves lasting three months or more.

The independent regulator, expected to be operational by the end of the year, will introduce a licensing system aimed at ensuring clubs are run sustainably and remain accountable to their supporters.

Fair Game, the campaign group behind the Index, has been a long-time advocate for the creation of a football regulator.

Read more: Horror as two men die unloading glass panels from lorry in freak accident at football club car park

Read more: Arsenal footballer Bukayo Saka forced to skip Liverpool clash and England's World Cup qualifiers

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% of clubs in the top four divisions had a wage-to-revenue ratio of 70% 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 % 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 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.