Record Premier League revenues, but only 6% of clubs in profit

On the afternoon of Wednesday 14 October 2026, the TG 17.55 dedicated ample space to the Premier League paradox: the total revenues of the 116 English professional clubs reached nine billion pounds, but only seven clubs, i.e., 6 %, ended in the black.

Record accounts and disparity between divisions

The document “State of the Game Report 2026”, published by the Regulator, highlights that total turnover has increased 33‑fold since 1992, the year the Premier was founded, reaching the equivalent of €10.6 billion. Today more than 80 % of those nine billion comes from the top tier, while the average revenue ratio of a Premier club to a second‑division club rose from 2.7 to 8.7 times in the 2024/25 season.

Debts, wages and negative results

Despite the revenue boom, 94 % of the clubs closed in the red in the 2025/26 financial year; only seven clubs have their accounts in order. Player wage expenses have risen by 33 % in the Premier and by 71 % in League One from 2021/22 to last year. Twenty‑six clubs allocated more than 80 % of turnover to wages.

Average losses in the Premier have doubled, rising from £20 million to £44 million. In 2025/26 clubs reported £4.8 billion of debt to other entities and receivables of about £1.5 billion, resulting in a net indebtedness of £3.4 billion. Depreciation charges have increased from £1.3 billion to £2.6 billion over four years, while agent fees have risen from £317 million to £548 million.

The lower tiers, the Championship and League One, show average losses that represent respectively 59 % and 65 % of revenue, highlighting a structural vulnerability in the event of relegation.

The most discussed case is Manchester City, at the centre of a financial proceeding that, according to experts, will have long‑term repercussions. Tottenham, with manager De Zerbi having summoned the squad to Marbella to “get to know each other better”, was also mentioned among the clubs in difficulty.

The report concludes that, although the Premier continues to be the El Dorado for players and fans, the financial solidity of the clubs remains uncertain, and the upcoming winter transfer window may confirm or refute these forecasts.