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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
The writer is chair of Brentford FC
Football is built on ambition, dreams and sometimes heartache. At Brentford FC, we’ve lived that journey. We’ve risen through the ranks to establish ourselves in the Premier League. It hasn’t been easy, but our success proves what’s possible when clubs take calculated risks, invest with confidence, and dare to dream.
The UK government’s football governance bill seeks to safeguard the future of the game, and its intent is commendable. Fans deserve a regulatory system that addresses poor ownership, protects club heritage, and ensures financial sustainability. But as this legislation takes shape, we urge caution. Regulation must not damage the very qualities that make football in this country extraordinary.
English football is one of the UK’s greatest global assets, admired worldwide for its unpredictability, drama and competitive balance. Yes, the Premier League has been a sporting success. But it is also an economic powerhouse, contributing billions in annual GVA, and supporting tens of thousands of jobs and grassroots programmes across the country. Its success is no accident. It’s the product of a system that rewards ambition and innovation.
Mechanisms like parachute payments, which support relegated clubs, have provided, on promotion, us with the confidence to invest in players, facilities and infrastructure while we plan and prepare for any eventuality. Without them, many clubs wouldn’t be able to take some of the bold steps required to compete at the highest level. Yet the proposed regulatory framework threatens to make it harder for smaller clubs like Brentford to challenge the elite. The introduction of backstop powers, allowing the regulator to intervene in the distribution of Premier League revenues, creates uncertainty and risks stunting investment and long-term growth across the pyramid.
Fans across the globe love the unpredictability of a league in which 51 different clubs have competed at the top level since 1992. But this delicate ecosystem could be upended by the unintended consequences of the proposed regulation.
Regulation should address sustainability, but let’s be clear about what that means. For example, not all debt is bad debt. Many clubs operate with owner-funded debt that supports investment and growth. This kind of debt doesn’t make a club unsustainable. Mismanagement and poor financial discipline do.
Additional redistribution of wealth across the so-called football pyramid must also go hand in hand with stronger financial controls in the Championship. Without them, simply transferring more funds won’t solve the root cause of the problems. Targeted interventions, not blanket oversight, are the keys to meaningful reform.
Last month, chancellor Rachel Reeves rightly pointed out that “every regulator, no matter what sector, has a part to play by tearing down the regulatory barriers that hold back growth”. This principle must also guide the football governance bill.
Overregulation risks deterring investment, reducing competitiveness and undermining the league’s appeal. If we impose an overly intrusive framework on the Premier League, we risk it losing the edge that it currently enjoys over rival competitions.
We at Brentford support the broad goals of the football governance bill, but the details need refinement. Rather than duplicating the regulation that already exists in football, the focus should be on augmenting it.
Parachute payments must be preserved as a critical mechanism for maintaining competitive balance. And sustainability rules should be framed in a way that encourages responsible investment, not stifles it.
Football thrives on ambition, taking chances and dreaming big. So let’s protect those clubs who dare to aspire and inspire. The game’s future depends on it.
