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Financial sustainability of men's football clubs: Bigger and better – but also riskier

Football revenue continues to grow, but rising losses and debt threaten many clubs’ financial stability.

Welcome to the second edition of our annual report on the financial sustainability of men’s football clubs in the English League pyramid.  

For this edition, we have again reviewed the position of all 92 men’s clubs in the Premier League, the Championship and Leagues One and Two, based on the latest published accounts for each club (which typically relate to the 2022-23 season). 

We've also reproduced the LCP Football Sustainability Matrix, using our bespoke methodology which compares clubs on both financial metrics and sporting achievements.

Bart HubyPartner and Head of Sports Analytics

Contact Bart

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MenuWhat we doOur impactAbout usCareers Search Close Search Lane Clark & Peacock LLPSearch CloseSearch Let's talk In brief In briefFinancial sustainability of men's football clubs: Bigger and better – but also riskier Football revenue continues to grow, but rising losses and debt threaten many clubs’ financial stability. Welcome to the second edition of our annual report on the financial sustainability of men’s football clubs in the English League pyramid.   For this edition, we have again reviewed the position of all 92 men’s clubs in the Premier League, the Championship and Leagues One and Two, based on the latest published accounts for each club (which typically relate to the 2022-23 season).  We've also reproduced the LCP Football Sustainability Matrix, using our bespoke methodology which compares clubs on both financial metrics and sporting achievements. Bart HubyPartner and Head of Sports Analytics Contact Bart linkedin John Parnis EnglandPrincipal Contact John linkedin Ashley MouldPrincipal Contact Ashley linkedin 31 July 2024 Share SportsSportsSports finance and governance Changing landscape Our analysis shows that men’s football in England is booming, with increased revenues and investor interest, but also becoming significantly riskier, with higher losses and greater reliance across the pyramid on wealthy owners to fund them. Revenues were up by over 10%, crowds increased across all four leagues, and many potential new owners are keen to invest in clubs across the pyramid. This is in the wake of success being achieved following significant investments in some lower league teams - what might be termed the ‘Wrexham effect’. But with that growth comes increased risk. The gambling for promotion culture previously seen primarily in the Championship now appears to be spreading to Leagues One and Two, where losses and debt levels have increased significantly. As a result, across the pyramid, clubs which operate sustainably are finding it increasingly difficult to compete for promotion – and are often pushed by their fans to spend more. Over the next 12 months, the landscape of football governance is set for significant change, with the new Government committed to introduce a Football Governance Bill, which will “establish an independent football regulator to ensure greater sustainability in the game and strengthen protections for fans.” This will mark a pivotal step on the journey towards safeguarding the financial health of men’s football clubs. It will be fascinating to see when we look again at the situation next year whether these trends are continuing, and to what extent the new legislation and the introduction of the IFR have had an impact.