The report says the financial situation is worsening for clubs across the EFL and National League.

Most Championship, League One and League Two clubs hold less than 30 days of cash.

More than 60% of EFL and National League clubs have liabilities exceeding the book value of their assets.

It is a bleak picture for wages, too.

Twenty clubs – primarily in the Championship, League One and National League -spent more than 80% of revenue on player wages.

The majority of League One clubs spend more than 40% of revenue on player wages, including two spending more than 100%.

Wage costs have increased across all leagues between 2021-22 and 2025-26:

Seventeen of 18 (94%) EFL club owners surveyed were in favour of more robust cost controls – as one investor told the report: “the single biggest issue is player wages”.

Average League One losses increased from 6% of revenue in 1992-93 to almost 50% in 2024-25. In League Two, it stands at 40%.

Many clubs rely on owner funding on a just-in-time basis, receiving frequent injections throughout the year.

The majority of EFL and National League clubs do not have a contingency plan if their owner becomes unable or unwilling to continue financing operations.

This leaves them particularly exposed given their limited access to alternative sources of finance.

“League One and the League Two clubs will receive significantly more funding [through a new deal with the Premier League],” Kogan said.

“That funding will be used along with a development fund and a liquidity fund potentially to help them get over the humps they’re all currently facing.”

In respect of both liquidity and solvency, the report says many football clubs “would not currently meet the requirement under the Football Governance Act to hold ‘appropriate financial resources’.”

Clubs are required to meet this standard by May 2030.

“Owners are very well aware of the need now for some sort of coherent structure in which costs are being managed,” Kogan said.

Kogan added that the new financial distribution deal between the Premier League and the EFL is close.

A Hampshire Police investigation into the flashpoint concluded that no further action was needed, with Bielik being issued a Community Resolution Order.

He also sent a written apology to the fan before he was charged by the FA.

Bielik’s disciplinary case was heard by an independent regulatory commission last week, with full written reasons for the verdict revealing the defender’s claim that his family had been subjected to death threats.

The assertion formed part of Bielik’s plea for mitigation, and was described by the commission as “regrettable and to be deplored” but said it did not impact on the sanction “particularly as no supporting evidence had been provided”.

Cardiff boss Brian Barry-Murphy also provided support, describing the 11-time Poland international as a “consummate professional”.

In his own statement, Bielik described how he had expected the ball to be handed to him by the fan and claimed “[I] placed my hand on his shoulder and pushed away as I moved back”, before adding his actions were caused partly by frustration and also by momentum.

That was disputed by the FA, who said the proximity of the contact to the neck risked inflaming the crowd, something the commission agreed with, adding the incident “clearly created the potential for a mass confrontation and could have led to a dangerous situation”.

Bielik admitted his regret and argued that he did not retaliate despite being struck in the face during the incident. The commission said this was commendable but “could not lessen his culpability for his initial action”, although they accepted other mitigating factors in reducing the ban from the three-game starting point.

Matt Richardson says he will co-operate with a British Cycling investigation amid allegations of misconduct – and promised do so with “contrition for the feelings of anyone involved”.

On Monday, the 27-year-old was withdrawn from the Great Britain squad for this week’s World Track Cycling Championships in Shanghai.

British Cycling did not give a reason for his withdrawal and declined to comment to BBC Sport on reports first published by The Times, external that it was due to a misconduct investigation.

Richardson said in a statement he was “deeply disappointed” to miss the event in China from 14-18 October, but understood the “seriousness of what has been raised” in recent media reports.

“British Cycling has said it looks into matters like this through its established procedures. I will co-operate fully with its processes,” he added.

“I assure everyone that I will do so properly, and appropriately, and with contrition for the feelings of anyone who might be affected.”

Richardson had been expected to contend for three medals in the team sprint, individual sprint and keirin.

The Maidstone-born cyclist switched allegiance from Australia to Britain after the Paris 2024 Olympic Games, where he won two silver medals and a bronze.

He was also forced to miss his anticipated England debut at the Commonwealth Games in Glasgow in July after crashing during a keirin event in Japan.