94% of football clubs in England's top 5 divisions operating at a loss: Report. English football's finances are dangerously exposed, with majority of clubs on the edge of financial disaster, the country's Independent Football Regulator said in a report. The report found 94% of clubs are loss-making, and over 60% of EFL and National League clubs are technically insolvent. It added that 68% of clubs have no contingency plan if their owner walks away.