English football regulator warns 94% of clubs are loss-making and the game is on the 'edge of financial disaster'

The Independent Football Regulator has published a landmark 'State of the Game' report warning that English football must act now or face collapse, with 94 per cent of clubs in the top five divisions running at a loss despite the game generating £9 billion in revenue last season. Kogan urged the game to act while broadcast revenues remain strong, warning that a drop in TV money could prove catastrophic.

Seventeen clubs would still be loss-making even if every single one of their players played for free.