The findings indicate that financial pressures are intensifying among clubs in the EFL and National League.
Most clubs in the Championship, League One and League Two have enough cash to cover fewer than 30 days of operations.
More than 60% of clubs across the EFL and National League owe more than the recorded value of their assets.
Player salary expenditure presents another serious concern.
Twenty clubs, mainly from the Championship, League One and National League, allocated over 80% of their income to player salaries.
Most League One teams use more than 40% of their revenue to pay players, while two clubs spend more on salaries than their total income.
Salary expenses have risen in every division between the 2021-22 and 2025-26 seasons.
Of the 18 EFL club owners surveyed, 17, or 94%, supported tighter spending restrictions, with one investor identifying player salaries as the most significant problem.
Average losses among League One clubs climbed from 6% of revenue in 1992-93 to nearly 50% in 2024-25, while the figure for League Two is 40%.
Numerous clubs depend on last-minute financial support from their owners through repeated cash injections during the year.
Most clubs in the EFL and National League have no backup strategy should their owners become unable or unwilling to keep funding them.
Their limited ability to obtain financing elsewhere makes them especially vulnerable.
Kogan said clubs in League One and League Two would receive substantially greater financial support under a new agreement with the Premier League.
He explained that this money, together with development and liquidity funds, could help clubs overcome the financial difficulties they currently face.
Regarding cash availability and overall solvency, the findings suggest that many clubs would currently fail to satisfy the Football Governance Act’s requirement to maintain adequate financial resources.
Clubs must comply with that requirement by May 2030.
Kogan said owners clearly recognise the need for a consistent framework that keeps expenditure under control.
He also said that a new financial distribution agreement between the Premier League and the EFL is nearing completion.
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