Walsall co-chairman says some EFL clubs "beggar belief" as regulator finds 94% made losses

Walsall co-chairman Leigh Pomlett has said some clubs in the English Football League (EFL, the three divisions below the Premier League) "beggar belief" in the way they operate. He made the comments to BBC Radio WM at a fans' forum at Bescot Stadium.

His criticism follows the first State of the Game report from the Independent Football Regulator (IFR), the new body that oversees the finances of English clubs. The report found that 94% of clubs made losses in the 2025-26 season.

Pomlett said the report runs to 260 pages. It covers English football from the Premier League down to the National League, which is the fifth tier of the men's game. Losses are not confined to the big spenders. Pomlett said some clubs would still lose money even if they paid their players nothing at all.

The figures he cited were starker still. Pomlett said 33 clubs do not have enough cash to survive a month. Cash that runs out within weeks leaves little room for any mistake, and it is the kind of pressure that can push a club into a crisis quickly.

For Walsall, the message is direct. Pomlett said the club will have to make significant cuts in spending to qualify for a future operating licence from the IFR, the permission clubs will need to keep running under the regulator's rules.

For supporters, this is less about a single result on the pitch and more about the long road ahead. Wage bills, running costs and the club's day-to-day budget will all be measured against the regulator's standards. Pomlett's comments make clear that the adjustment will be hard for many clubs, not only one.

The IFR's report is the first of its kind, and it sets out a financial picture across English football that clubs and fans will be studying closely in the months ahead.