On the 20th January 2026, the Independent Football Regulator (IFR) set out the proposed scope of its first in-depth analysis of men’s professional football in England.

The State of the Game report will delve into how money flows through the football pyramid; the strength of clubs’ balance sheets; and the opportunities, challenges and risks to the nearly £8 billion industry.

It will be the first time any study has investigated the main issues affecting English football in this level of detail, with the IFR able to utilise statutory powers to access the information it needs from clubs and competition organisers.

This includes issues such as club debt and liquidity, models of ownership, the evolving broadcast landscape, and the impact of player wages and academy development on the financial sustainability of the game.

The report will examine how financial flows within the game have changed, any cliff-edges that have developed between or within leagues, and their impact on the wider football ecosystem.

Club governance will be assessed, including internal controls and decision-making processes, with analysis being used to understand how clubs manage these risks and respond to financial pressures such as debt ratios and day-to-day liquidity.

The terms of reference for the report can be found here State of the Game Terms of Reference

In line with its statutory requirements, the IFR is seeking input on what should be covered in the State of the Game terms of reference and will then produce the report on English football. The IFR will publish a draft report later this year, ahead of a final report set to be published in 2027.

The IFR is inviting clubs, fans, competition organisers, and industry stakeholders to share their views on the report’s proposed scope in the consultation.

The survey for the State of the Game Report can be found here (Registration is required) and is open until Tuesday 17 February.