Walsall co-chairman Leigh Pomlett has given a powerful response to the independent State of the Game report by suggesting some clubs "beggar belief" in the way they operate.

The revelation of the Independent Football Regulator (IFR) in its first report that 94% of clubs made losses in the 2025-26 season suggested the majority of clubs were living "on the edge of financial disaster".

Pomlett told BBC Radio WM at a Walsall fans' forum at Bescot Stadium just how serious football's financial problems are. And, although he stressed that the Saddlers are better run than most, the League Two promotion contenders will still have to make significant cuts in spending to qualify for an IFR operating licence in future.

"The State of the Game report came out a couple of weeks ago," he said. "A report that has come out from the independent regulator. It is a huge report and I have, for my sins, read all 260 pages of it.

"It goes into huge detail and, for the first time ever, is about the state of English football, right from the Premier League to the National League.

"Football is in a shocking state. Some clubs would still lose money even if they paid their players nothing. That is a fact. Some clubs will have to radically change what they do."

"Compared to some clubs, we at Walsall are in a very good state of health but it's still tough - just a lot less tough than it will be for some other clubs in the EFL who just beggar belief.

"We are at times accused of lack of ambition for not being able to buy this or that player, but the priority is still to make the club sustainable."

In a week when fellow Midlands-based League Two club Shrewsbury Town were taken over by new American owners, Pomlett warns that the scope for any club looking to speculate to accumulate will have to be drastically toned down if the regulator deduces they are spending money they have not got.

"The losses from the top to the bottom are massive," said Pomlett.

"Clubs who are losing an absolute fortune every week will not be allowed to continue like that. 33 clubs do not have enough cash to survive a month. That's incredible.

"The losses being made in League One, League Two and the National League are enormous, but some of the Premier League and Championship losses are mind-boggling.

"The regulator is not going to let us carry on like that.

"We have to make sure this club remains solvent. Firstly because that is the right thing to do and secondly because there is now an independent financial regulator who will make sure that we do. We have to batten down the hatches in terms of costs.

"Profitablity will have to return to the days gone by. The purpose of the regulator being created was to never allow another Macclesfield.

"They now watch every club. The distribution of wealth will change. There is too much at the top and not enough further down.

"We're on the brink of the biggest change in the football industry that we've seen since the Premier League was first formed."

A recording of the Fans' Forum is available on BBC Sounds.