Football FinanceDebt-free
Which English football clubs aren't in debt?
English football clubs where cash exceeds borrowings and net assets are positive. The clubs operating without leverage. Sorted by cash cushion.
| # | Club | Cash | Borrowings | Net cushion | Net assets | Year |
|---|---|---|---|---|---|---|
| 01 |
MCFC Manchester City
|
£174m | — | £174m | £858m | 1992/93 |
| 02 |
CFC Chelsea
|
£49m | — | £49m | £872m | 2024/25 |
| 03 |
FFC Fulham
|
£13m | — | £13m | £61m | 2024/25 |
| 04 |
LUFC Leeds United
|
£34m | £22m | £12m | £45m | 2023/24 |
| 05 |
ITFC Ipswich Town
|
£14m | £8.8m | £4.8m | £67m | 2024/25 |
| 06 |
WAFC Wrexham
|
£3.3m | £660k | £2.7m | £12m | 2024/25 |
| 07 | £2.4m | — | £2.4m | £788k | 2024/25 | |
| 08 |
NCFC Norwich City
|
£2.0m | — | £2.0m | £4.7m | 2024/25 |
| 09 |
LCFC Lincoln City
|
£1.6m | — | £1.6m | £4.5m | 2024/25 |
| 10 |
LTFC Luton Town
|
£1.3m | — | £1.3m | £42m | 2024/25 |
| 11 |
CTFC Cheltenham Town
|
£551k | £30k | £521k | £1.6m | 2024/25 |
| 12 |
WFC Wealdstone
|
£513k | — | £513k | £189k | 2024/25 |
| 13 |
AFC Altrincham
|
£439k | — | £439k | £437k | 2024/25 |
| 14 |
YCFC York City
|
£344k | — | £344k | £3.4m | 2024/25 |
| 15 |
RAFC Rochdale
|
£291k | — | £291k | £429k | 2024/25 |
| 16 |
TFC Tamworth
|
£148k | — | £148k | £113k | 2024/25 |
| 17 |
NCFC Newport County
|
£68k | — | £68k | £11k | 2024/25 |
| 18 |
SCFC Salford City
|
£66k | — | £66k | £6.9m | 2024/25 |
| 19 |
STFC Shrewsbury Town
|
£70k | £8k | £62k | £11m | 2024/25 |
| 20 |
SUFC Sutton United
|
£58k | — | £58k | £1.3m | 2024/25 |
| 21 |
GFC Gateshead
|
£27k | — | £27k | £6.5m | 2024/25 |
| 22 |
CTFC Crawley Town
|
£10k | — | £10k | £10k | 2024/25 |
| 23 |
BTFC Braintree Town
|
£6k | — | £6k | £385k | 2024/25 |
| 24 |
SCFC Stockport County
|
£1 | — | £1 | £1 | 2024/25 |
How we define "debt-free"
A club is debt-free here when cash at bank exceeds total borrowings (bank loans + group/owner loans + bonds) AND net assets are positive. That's a stricter test than just "no bank loans" — it accounts for the owner-loan trick where many clubs look low-debt because the borrowings are interest-free group loans from a parent.
Most clubs at this list are clubs that recently received parachute payments, sold a major player, or operate as member-owned trusts at lower levels.
Source: each club's iXBRL accounts at Companies House. Refreshed weekly.
Explore more Football Finance
- The headlinesRichest Clubs
- In the blackProfitable Clubs
- Most leveragedDebt League
- Where money comes fromRevenue Breakdown
- Director payBoardroom Pay
- Squad refreshContracts Running Out
- PSR exposurePSR Watch
- Plain EnglishFFP & PSR Explained
- Early warningFiled Late
- Most serious warningGoing Concern Watch
- Composite riskInsolvency Watch
- Who owns whatOwner Watch
- Global pictureOwnership Network
- Transfer marketNet Spend
- Central distributionPL TV Money