Trust concerned by regulator’s findings on football finances, and will seek an update from the club
In brief
- The independent football regulator says most clubs are “living on the edge of financial disaster”.
- The findings are more severe than we expected, given the reassurances and results we have seen previously.
- We have raised financial sustainability and transparency with the club many times without a satisfactory response.
- We are writing to Cardiff City again for comment and an update, and will report back to members.
- See below for links to the BBC article and the full IFR State of the Game report
What the report found
The regulator’s “State of the Game” report, published on 13 October, finds that 94% of clubs in the top five divisions made a loss in 2025-26. Two-thirds could not survive 90 days without new owner funding, and 68% have no contingency plan if their owner walks away. More than 60% of EFL and National League clubs have liabilities that exceed their assets.
The Championship picture
With Cardiff City back in the Championship this season, the financial numbers provide grim reading. The average club in the division lost £22m in 2025-26, about 59% of its revenue. Most hold less than 30 days of cash, and shareholder loans make up 78% of debt. Clubs without parachute payments spent an average of 84% of revenue on wages, which the regulator says encourages overspending in pursuit of promotion.
Why this concerns us
The regulator’s chair acknowledged that nobody had realised how dramatic the data would be. After the reassurances and results we have seen previously, supporters will understandably ask what this means for our club.
This is a theme we have raised with the club on numerous occasions, without a comprehensive response. The report echoes our experience: only 39% of supporter groups are satisfied with how their views are considered in club decisions, and 37% with the transparency around those decisions. From 2030, clubs must consult fans before making decisions that affect them and publish an annual report on how they have done so. Supporters should not have to wait until then for clear answers.
What we will ask the club
We will once again contact the club to ask for its comment on the report and an update on its position, including:
- How it manages financial risk, and its contingency plan if owner funding were ever withdrawn.
- Whether it will share the stress tests the regulator now requires by May 2028, covering relegation, a fall in revenue and loss of owner funding.
- How it will meet the regulator’s requirement to hold appropriate financial resources by 2030.
- How it will consult supporters and report back on these issues.
We will share the club’s response with members as soon as we receive it. Questions or concerns can be sent to info@ccfctrust.org.
As ever, we thank you for your support.
Best Regards,
Board of Cardiff City Supporters’ Trust
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