Four clubs in the top four divisions are ready for the arrival of England’s independent football regulator, according to the Fair Game Index published on Wednesday. The index assessed 164 clubs across the 2024-25 season from the Premier League to National League North and South and named Brighton, Cambridge United, Carlisle United and AFC Wimbledon as regulator-ready. The regulator is set to be up and running before the end of the year and will operate a licensing system to ensure clubs are run sustainably and are accountable to supporters.

Examining liquidity, the index shows 43 of the 92 top-four clubs have less than a month’s cash reserves, while nine have three months reserves. The study also notes that 75% of Premier League clubs were technically solvent, with only 5% having three months’ cash reserves. It adds that 29% of top-four sides posted a wage-to-revenue ratio of 70% or less, with League One clubs least likely to sit under that threshold (13%). Niall Couper, chief executive of Fair Game, said the findings should end doubts about the need for a regulator and highlighted concerns about financial recklessness and governance in football.

Nine clubs, including Chelsea, Manchester City, Manchester United and Tottenham, were awarded silver for progress toward regulator readiness, while 13 were awarded bronze for meeting minimum standards. The regulator will operate an owners, directors and senior executives (ODSE) test with broader powers than existing checks used by the Premier League and EFL. Regulator staff have begun working with clubs and leagues ahead of introduction, and officials say reaction from clubs has been broadly positive.