Football regulator: EFL, National League clubs must hold financial reserves

The UK's Independent Football Regulator (IFR) has announced that EFL and National League clubs will be required to hold financial reserves based on their risk level: high-risk clubs must hold five months' worth of operating losses, medium-risk clubs two months, and low-risk clubs one month's wages. The IFR opened a six-week consultation on these reserve requirements on Tuesday, while Premier League clubs will be assessed on a case-by-case basis rather than facing fixed requirements. The move comes after the IFR's 'State of the Game' report found that 94% of clubs in England's top five leagues were loss-making despite generating £9 billion in revenue last season.