A number of Premier League football clubs are on course for bankruptcy, a report has warned.
The study focused on the finances of top-flight sides and found that many were guilty of significant overspending.
The gulf between costs and revenue means that clubs have collectively lost billions over the course of eight years.
Indeed, only five members of the league recorded a profit in 2015/16, with 15 others languishing in the red.
Two of the biggest spenders are Chelsea and Manchester City, who have relied on the deep pockets of their wealthy owners to offset significant losses.
Indeed, the two clubs together account for more than half the money lost since the 2008-09 season.
Roger Bell, who co-authored the report We’re so Rich it’s Unbelievable, said there was real cause for concern about the trajectory that the sport was following.
“Financially, football is failing,” he said. “Britain’s biggest football clubs are spending much, much more than they are making.
“The Premier League, and its executive chairman Richard Scudamore, should be very worried.
“Our analysis shows clubs are losing a record £876,700 every single day. Despite TV bringing in huge amounts of cash every year, it does not meet the many millions spent on players’ wages.
“Clubs needs to face reality about their dire financial situation before they can’t afford to pay the bills and some go to the wall.”
The report goes against the general consensus that financial pressures have eased in recent years.
Following the collapse of Portsmouth FC in 2012, new restrictions on excessive spending had been introduced and there has also been a belief that sizeable broadcast revenues have shored up many teams.
