This is the Biggest Problem in Championship Football... And Nobody Talks About It

This is the Biggest Problem in Championship Football... And Nobody Talks About It

Money makes the world go round. That's the old cliché. Well when you're playing your football in the Championship, it looks like that isn't far from the truth.

Season by season, the sport becomes more money-motivated than the last, which is making for some brilliant spectacles at the top level as we watch clubs like Manchester City and Liverpool aiming to emulate the Real Madrid 'Galacticos' idealogy.

Unfortunately, it's the lower levels of English football, where the pockets aren't as deep and the ambitions aren't as delusional, that are having to pay the price (pun intended).

As larger clubs splash more and more cash each transfer window, EFL clubs are having to increase their transfer spendings to prevent the gulf in quality that already exists from fashioning itself into a chasm.

Even without handing out large sums of money on incomings, running a football club at Championship level in particular seems to be an especially dangerous game.

I'd like to take a moment to make my appreciation for football finance expert Kieran Maguire known, as his analysis of issues like this mean normal football fans like us can get more of a grasp for how our clubs are being run.

He's highlighted a glaring issue in the second tier, and it's one that isn't being talked about enough.

First off, let's take a look at one of the three clubs who have revealed their financial report for the 24/25 season.

Bristol City's Concerning Accounts

Bristol City had their most exciting season in about 10 years in 24/25, finishing sixth after a decade of boring mid-table mediocrity for their first appearance in the playoffs since the famous Dean Windass goal against them in 2008.

As a result, attendances increased, as well as season ticket sales, and general support and engagement around the club saw an improvement too.

They had a fairly subdued summer transfer window, instead prioritising the young squad that already made up the foundation of the club to continue their individual developments.

Keep all this in mind when looking at the main points of their financial report for the season.

Bristol City publish 24/25 accounts
⚽️Revenue £40.3m ⬇️ 6%
⚽️Wages £35.9m ⬆️3%
⚽️Underlying loss £22.3m no change
⚽️Player sale profits £1.1m ⬇️ 82%
⚽️Player purchases £11.1m
⚽️Player sales £1.2m
⚽️Loans from owner in year £7.5m
⚽️Total losses over the years £242m pic.twitter.com/EpcPdetPOw

— Kieran Maguire (@KieranMaguire) December 22, 2025

All of that for revenue to fall, with an overall loss of £22.3 million, bringing their total losses since 2010 to a total of £242 million.

That is an incredibly distressing sight for fans of the Robins, to watch their club consistently draining the bank despite operating modestly compared to other sides who are similarly competitive within the division.

It appears that there is nothing they can do to avoid making damning losses besides from selling players, which kind of defeats the point of football.

All of a sudden having an exciting talent at your club stops becoming a reason to impress the fans or to make a push for promotion, but they turn into a financial asset for you to cash in on.

This has become especially clear in the last few years for Bristol City, who were forced to sell Alex Scott and Antoine Semenyo, both to Bournemouth, just so they could limit their losses and avoid a sanction from the EFL.

A need to sell isn't exactly new territory for the Robins either, as they had to let go of Joe Bryan to Fulham and Bobby Decordova-Reid to Cardiff in 2018 for the same reasons.

Obviously this is becoming a cause of frustration for fans of the club, who want to see their club competing with good players but are watching their club let them go simply to stay afloat.

It's an issue that is becoming synonymous with the Championship now. They're far from the only ones.

A Worrying Pattern?

At the time of writing, only three clubs in the Championship have revealed their financial accounts for the 24/25 season: Bristol City, Derby County and Norwich City.

Here's where the magnitude of this problem starts to become a little bit clearer - all three clubs have been operating at a loss of at least £20 million.

The three Championship clubs who have reported their financial results to date for 2024/25, Bristol City, Norwich and Derby, all with excellent fan bases, lost £1.6m a week between them in day to day running of the club. pic.twitter.com/1dden8uNoR

— Kieran Maguire (@KieranMaguire) December 23, 2025

Having a devoted fan base, which all three clubs certainly have when you consider attendances and subsequent merchandise sales, simply isn't enough to be sustainable in the Championship any more.

If you thought Bristol City's finances were concerning, then Norwich's are genuinely terrifying for fans of the Canaries.

Bare in mind this report probably won't even include the money spent on buying Liam Manning out of his Bristol City contract, or the compensation they had to subsequently pay out when they sacked him a few months later, so next year's accounts have potential to be considerably worse.

Mental. The fastest way to become a millionaire these days is to be a billionaire & then buy a football club 🤷

— Mike Connelly 🏴󠁧󠁢󠁥󠁮󠁧󠁿🇬🇧 (@MikeConnelly9) December 23, 2025

Clubs across the division are having their hands forced into becoming selling sides, who exist solely to serve the bigger clubs in developing young talent that will get snapped up at the first opportunity.

It's very clear that something needs to happen quickly to stop this issue from progressing, as the gap between the Premier League and Championship only continues to grow, both on the pitch and in the financial sector.

I wish I could say this issue was limited to the second tier, but as more accounts are revealed, the bigger picture becomes more visible for us.

The Problem Spreads

Operating at major losses and thus relying on sales is, of course, now spread across the Championship, but we are seeing signs of it across English football now as the situation continues to escalate.

League Two side Bristol Rovers suffered an embarrassing relegation from League One last season despite an apparent increase in financial support from their Qatari owners.

Even with their relegation they recorded an increase in revenue, which should look like a positive for any club, but it doesn't take much more analysis to realise that the outlook for the finances of the Pirates is dire.

Bristol Rovers were relegated from League One in 2024/25. Off the pitch their accounts have just been published and
⚽️Revenue £8.1m ⬆️ 9%
⚽️Wages £8.9m ⬆️ 12%
⚽️Wages £110 for every £100 of revenue
⚽️Pre tax losses £7.9m ⬆️ 30%
⚽️Total losses over the years £47m
⚽️Player… pic.twitter.com/FbgJu33BCC

— Kieran Maguire (@KieranMaguire) December 20, 2025

Their wages alone for the season cost more than their revenue, which is genuinely appalling.

Before you are quick to adjudge this to be financial mismanagement, which is indeed a factor, it's important to appreciate the context as to why their wage bill has become so high.

Enticing talent to a club is, these days, all about money. Loyalty is a dying feature in the modern game so to convince and keep a player of any decent level will cost a club a lot of money in wages.

In Rovers' case, it has become entirely unsustainable.

This is being echoed even down in the National League, where Rochdale have suffered very similar problems in the fifth tier of English football.

Rochdale lost £1.8 million in 24/25 in the National League. Bank balance substantially ⬇️ as a result and director loans were converted into shares pic.twitter.com/mXSftDgooG

— Kieran Maguire (@KieranMaguire) December 21, 2025

Copious amounts of money being pumped into the Premier League makes for great entertainment for five or six sides, but even then FFP rules in that league are flawed to say the least (fans of Aston Villa in particular will tell you that).

Is it worth having so much money at the disposal of the 'Big Six' when it means everybody else has to foot the bill? Is there anything the FA and EFL can do to limit the impending financial disasters at every level of the pyramid?

All we know is, it doesn't take much to sink a football club, and the current climate means one wrong move can remove from football fans the love of their life, with detrimental effects on local communities if their clubs are forced to fold.

My club was a member of the Football League from 1894 until they were thrown out in 2019. Twice FA Cup winners, with a proud record in all that time. Two shocking owners destroyed us within 6 years. Football is a flawed business model, allowing massive debts by egotistical owners

— Just Saying. (@Baz704) December 23, 2025

Allow Bury to be a reminder - is it time for something to change that means our clubs will be safer from financial trouble?