Which English football clubs aren't in debt?

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.