Walsall Football Supporters’ Trust Responds to Independent Football Regulator’s State of the Game Report

English football needs financial stability, greater transparency and a stronger voice for supporters

Walsall Football Supporters’ Trust welcomes the publication of the Independent Football Regulator’s (IFR) first draft State of the Game report, which provides a comprehensive and, in places, deeply concerning assessment of the financial health and governance of English football.

The report highlights fundamental problems within the game, including widespread financial losses, dependence on club owners for continued funding, and concerns about whether supporters have sufficient influence over decisions affecting their clubs.

For Walsall supporters, these findings raise important questions about the future of football at our level and the role supporters should play in shaping that future.

The Trust has consistently advocated responsible ownership, financial sustainability, transparency and meaningful supporter involvement. We believe the regulator’s findings reinforce the importance of these principles and provide an opportunity for clubs and supporters to work together to build a more sustainable game.

A financially fragile football pyramid

Perhaps the most alarming aspect of the report is the extent of financial instability across English football.

Despite the game generating approximately £9 billion in annual revenue, the regulator reports that 94% of clubs across the top five divisions are operating at a loss.

Nearly two-thirds of EFL and National League clubs are technically insolvent, while 29% of clubs would be unable to survive for more than 30 days without continued funding from their owners.

These figures should concern every football supporter, regardless of the division in which their club competes. Football Supporters’ Association

At clubs such as Walsall, where competing ambitions must be balanced against financial realities, the report underlines the importance of sustainable business models and responsible long-term planning.

We recognise that investment from owners is an important part of modern football. Many clubs would struggle to compete without it, and supporters understandably welcome investment that strengthens their club.

However, the report demonstrates the potential risks associated with financial models that depend heavily on the continued willingness and ability of individuals or ownership groups to provide funding.

Football clubs are not ordinary businesses. They are institutions rooted in their communities, with histories and identities that extend well beyond any particular ownership.

Their long-term survival should never depend solely on the circumstances or decisions of those who happen to own them at a particular moment.

The Trust believes clubs should be able to demonstrate that they have credible long-term financial plans, understand their financial risks and have considered how they would respond if circumstances changed.

For Walsall FC, we believe these are reasonable principles against which to consider the club’s future. They are not an allegation of financial mismanagement by the club or its current owners.

Supporter engagement must mean more than consultation

Of particular significance to Walsall Football Supporters’ Trust are the report’s findings concerning supporter engagement.

The regulator identifies a clear distinction between providing opportunities for supporters to communicate with their clubs and ensuring their views genuinely influence decisions.

While supporters are generally satisfied with the opportunities available to engage, the report finds significantly lower confidence in the effectiveness of that engagement.

Among supporter groups surveyed, only 39% expressed satisfaction with how supporters’ views were considered in club decision-making, while just 37% were satisfied with the communication and transparency surrounding those decisions. IFR State of the game

These findings reflect a wider concern that has existed among football supporters for many years.

Engagement should not simply involve clubs announcing decisions, explaining policies or inviting feedback after the event.

Meaningful consultation should provide supporters with opportunities to contribute before significant decisions are made, alongside a clear explanation of how their views have been considered.

Supporters will not always agree with the decisions their clubs take. Nor should consultation mean that supporters expect to control every aspect of their club’s operations.

However, there is a fundamental difference between being heard and being listened to.

The Trust believes that supporters should be confident that their contributions are valued, that consultation is genuine and that their views have a meaningful place within the decision-making process.

Building on progress at Walsall FC

The Trust recognises that Walsall Football Club has made welcome progress in developing its supporter engagement arrangements.

The introduction of focus groups, leadership updates, fans’ forums and other opportunities for supporters to communicate with the club represents a positive development.

We have previously acknowledged these improvements and remain committed to working constructively with the club to ensure that engagement continues to develop.

However, we believe there remains an opportunity to strengthen these arrangements further.

The Trust supports the establishment of a formal, independently representative Fan Advisory Board (FAB) at Walsall Football Club.

A FAB would not need to replace existing focus groups or other engagement channels. Instead, it could complement them by providing a structured forum for discussions about the club’s broader strategic direction, long-term sustainability, governance and heritage.

It would also provide a clearer mechanism through which supporter representatives could contribute to discussions with senior club leadership before important decisions are finalised.

We believe such a body should have transparent terms of reference, independent supporter representation, regular meetings with senior club officials and a commitment to publishing appropriate records of discussions and outcomes.

Importantly, it should be accountable to the wider supporter base rather than operate as an extension of the club’s existing communications arrangements.

We recognise that the IFR does not specifically require every club to establish a Fan Advisory Board. Its emphasis is on effective consultation and demonstrating how supporter views are taken into account.

Nevertheless, we believe an appropriately constituted FAB would offer Walsall FC a positive and credible way to demonstrate its commitment to those principles.

The Trust’s support for a FAB is not intended as criticism of individual club officials or a rejection of existing engagement arrangements.

It reflects our belief that meaningful supporter representation should become an established part of how Walsall FC operates, regardless of future changes in ownership or leadership.

Independent representation and accountability

One of the most important considerations in developing future engagement arrangements is ensuring that those representing supporters have an appropriate degree of independence.

Walsall Football Supporters’ Trust is a democratic, community-based organisation established to represent the interests of supporters and promote their influence in the running and ownership of Walsall Football Club.

We believe supporter representation is strongest when those involved have a clear mandate, are accountable to the people they represent and are able to express views independently.

A future FAB should therefore reflect the diversity of the Walsall supporter base, including representatives of established supporters’ organisations, disabled supporters, younger fans and other groups whose experiences and perspectives may otherwise be overlooked.

The Trust would welcome discussions with the club, other supporter groups and individual fans about how such a body could be established.

Our objective is not to secure exclusive representation for the Trust, but to help ensure that all Walsall supporters have a meaningful opportunity to influence matters affecting their club.

We would also like to see transparent arrangements for reporting discussions and outcomes, allowing supporters to understand what issues have been raised, what commitments have been made and what progress has followed.

Protecting the identity and heritage of our club

The regulator’s report also reinforces the importance of protecting the heritage and identity of football clubs.

For Walsall supporters, our club represents far more than results on a Saturday afternoon.

It is part of the town’s identity, a source of shared experiences across generations and an important connection between the football club and the community it represents.

Club colours, the badge, our stadium, traditions and the relationship between the club and its supporters all form part of that identity.

These are matters that should never be treated simply as commercial considerations.

The Trust believes supporters should have a meaningful voice in decisions that could fundamentally affect the club’s identity, heritage or long-term relationship with its community.

We therefore welcome the regulator’s recognition that protecting football heritage is an essential part of safeguarding the future of the game.

A Fan Advisory Board could provide an important mechanism for ensuring these issues receive appropriate consideration and that supporters are consulted at an early stage.

A more sustainable and competitive football pyramid

The Trust also welcomes the regulator’s recognition that the financial structure of English football requires reform.

The growing disparities between divisions and the financial pressures associated with promotion, relegation and competition for success have created an environment in which clubs can feel compelled to spend beyond their sustainable means.

For clubs operating in League Two, these pressures are particularly relevant.

Supporters naturally want their clubs to compete, challenge for promotion and achieve success on the pitch.

There is nothing wrong with that ambition.

However, ambition must be accompanied by responsible financial management.

The Trust believes a sustainable football pyramid should give clubs the opportunity to succeed without requiring them to expose their long-term futures to unacceptable financial risks.

We therefore support the principle of fairer financial distribution across English football, alongside appropriate measures to encourage responsible spending and effective governance.

Reform must address both the distribution of resources and the financial incentives that contribute to unsustainable behaviour.

Simply providing clubs with additional revenue will not necessarily solve the problem if the underlying pressures to overspend remain unchanged.

Inclusion must be part of meaningful engagement

The report’s findings concerning equality, diversity and inclusion also deserve attention.

Football clubs should represent the communities they serve, and that principle should extend to how supporters are consulted and represented.

The Trust has recently strengthened its own commitment to equality, diversity and inclusion, including work to better understand accessibility issues experienced by supporters attending matches at Walsall FC.

We recognise that different supporters experience football in different ways, and that meaningful engagement must provide opportunities for everyone to contribute.

Any future Fan Advisory Board should therefore be designed to ensure that disabled supporters, younger fans and other potentially underrepresented groups have appropriate opportunities to participate.

Supporter representation should reflect the whole fanbase, not simply those who find it easiest to attend meetings or make their voices heard.

Working together for Walsall’s future

The publication of the State of the Game report comes at an important time for English football.

The introduction of independent regulation provides an opportunity to address longstanding structural problems and establish stronger expectations around financial sustainability, governance and supporter engagement.

However, regulation alone cannot create the relationship of trust and mutual respect that should exist between a football club and its supporters.

That relationship must be developed locally, through openness, constructive dialogue and a genuine willingness to work together.

Walsall Football Supporters’ Trust remains committed to acting as a constructive but independent voice for supporters.

We will continue to recognise positive developments, raise concerns where appropriate and advocate improvements that we believe are in the long-term interests of Walsall Football Club.

In light of the regulator’s findings, we believe there are three areas in which further progress would be particularly valuable: greater understanding of the club’s long-term financial sustainability, greater transparency around strategic decisions, and stronger independent supporter representation.

These are not unreasonable expectations.

They are principles that should underpin a well-run, sustainable and community-focused football club.

The next steps

The Trust intends to consider the report’s findings in greater detail and explore how they can inform our continuing discussions with Walsall FC.

In particular, we believe the time is right for a wider conversation about the establishment of a formal Fan Advisory Board.

Before developing any detailed proposal, we want to understand the views of supporters and consider how existing engagement arrangements could be strengthened.

We would welcome the opportunity to work with Walsall FC, the Football Supporters’ Association and the wider supporter community to explore a model that is appropriate for our club.

We will also consider contributing to the IFR’s consultation on its draft report, particularly in relation to meaningful supporter engagement, independent representation and transparency.

The Trust encourages supporters to read the report and consider what its findings mean for the future of Walsall FC and English football more widely.

A football club is more than its ownership

The State of the Game report should serve as a reminder that the long-term future of English football cannot be measured solely by revenue, investment or success on the pitch.

Financial stability matters. Responsible ownership matters. Good governance matters.

But so does the relationship between clubs and the people who have supported them throughout their lives.

At Walsall, generations of supporters have experienced promotions, relegations, Wembley appearances, disappointment and moments that will never be forgotten.

Owners, directors, managers and players will inevitably change.

The supporters, the history and the identity of Walsall Football Club endure.

That is why we believe supporters deserve more than an opportunity to express an opinion.

They deserve a meaningful voice in the decisions that shape the future of their football club.

The Independent Football Regulator has identified the need for improvement across English football.

We believe Walsall FC has an opportunity to demonstrate what meaningful supporter engagement can look like.

The Trust stands ready to play its part.

Our Club. Our Voice. Our Future.

Walsall Football Supporters’ Trust

Read the report: Independent Football Regulator – State of the Game

Have your say: IFR Consultation Portal

Contact the Trust: wfcstrust@gmail.com