'State of the Game' report finds most English clubs living on financial brink

The Independent Football Regulator (IFR) has produced a 'State of the Game' report, which has taken a forensic look at English football over the past 18 months, concluding that the game's finances are dangerously exposed, with the majority of clubs living on the edge of financial disaster.

The IFR added that interest and investment from around the world continues to grow within English football, but the underlying foundations of the pyramid are under intense strain and require urgent reform.

Despite over £9bn generated in revenue, 94 per cent of clubs are loss-making, with long-term security being put at risk through excessive short-term spending to keep up with rivals.