Guide
How to prepare the IFR forecast and financial plan
The forecast is where most applications are won or lost. It has to match the funding documents, the strategy answers and what the board has actually agreed.
In short
- The application asks for the regulator's forecast template (profit and loss, balance sheet and cash flow) running to 30 June 2028, and financial statements for the 2024/25 and 2025/26 seasons.
- Any external funding in the forecast needs its source, amount, timing, purpose and terms, how it will be secured, and what happens if it does not arrive.
- The club must also say what reasonable steps it has taken to satisfy itself that the funding is lawful.
- After licensing, a mandatory condition requires clubs to submit, update and act in accordance with a financial plan. Build the application forecast so it can become that plan.
What the application asks for
Part 2.1 of the provisional licence application is the financial core. Question 2.1.1 asks for the regulator's strategic business plan forecast template: a profit and loss account, a balance sheet and a cash flow forecast. Question 2.1.2 asks for financial statements relevant to the 2024/25 and 2025/26 seasons. The forecast is prepared on a 30 June year end basis, whatever your statutory year end, and only the line items relevant to your club need completing.
| You submit in | Actual results | Forecast |
|---|---|---|
| November 2026 | 1 July to 31 October 2026 (4 months) | 1 November 2026 to 30 June 2028 (20 months) |
| December 2026 | 1 July to 30 November 2026 (5 months) | 1 December 2026 to 30 June 2028 (19 months) |
| January 2027 | 1 July to 31 December 2026 (6 months) | 1 January 2027 to 30 June 2028 (18 months) |
| February 2027 | 1 July 2026 to 31 January 2027 (7 months) | 1 February 2027 to 30 June 2028 (17 months) |
Source: Table 1 of the IFR provisional licensing guidance. Clubs in National League North and South follow Table 2, with forecasts from April or May 2027.
The forecast does not stand alone. Questions in part 2.2 ask about the business model and strategy through the following season, any significant infrastructure projects with their cost and financing, and expected ownership changes. Part 2.3 then asks about external funding. The regulator reads these answers together.
Owner and lender funding: the evidence trail
Most clubs outside the Premier League rely on owner or lender support to cover a cash gap. Question 2.3.1 asks for the source, amount, timing, purpose and terms of that external funding. Question 2.3.2 asks how it will be secured and what happens if it does not arrive. Question 2.3.3 asks what reasonable steps the club has taken on lawful funding and the banking institutions involved.
In practice that means three things. First, a written commitment that covers the months the forecast relies on. Second, a contingency the board has actually discussed, such as cost reductions, a facility or a sale. Third, a short record of the checks the club made on where the money comes from.
| Forecast assumption | Evidence the answer should point to |
|---|---|
| Owner covers the cash gap each season | A dated funding letter or agreement covering the full forecast period, and the board minute that noted it |
| A loan is refinanced next year | The current facility terms, the lender's position and the fallback if refinancing fails |
| Ground improvements are funded by a grant | The grant offer, its conditions and timing, and what happens to the project if it is delayed |
| Player sales close the gap | The assumption the finance team used, and the board's view of the risk if sales fall short |
Making the numbers and the narrative agree
The regulator will compare the forecast with the strategy answer, the group diagram and the governance answer. A forecast that assumes promotion while the strategy answer talks about consolidation will draw questions. So will a stadium project in the forecast that does not appear in the infrastructure answer. Before the board approves the set, read the narrative answers against the forecast line by line.
- Every revenue assumption has a sentence in the strategy answer that explains it.
- Every funding line points to a document and a named person who can confirm it.
- Every entity in the group diagram that appears in the forecast is the same legal entity, with the same name.
- The board minutes show the board saw the forecast and agreed the main assumptions.
After licensing: the financial plan condition
The regulator's licensing framework includes a mandatory condition that clubs submit, update and act in accordance with a financial plan. That turns the forecast from a one off submission into a working document. The board will need a regular point to review it, a way to record changes, and a clear owner on the finance side.
A club that prepares the application forecast with that in mind saves itself a second exercise. Keep the assumptions in one place, keep the evidence linked to them, and diarise the review.
Who does what
The club's finance team owns the numbers and its accountants check them. The board approves the assumptions. Where we help, it is with the work in between: mapping the club's figures into the regulator's template, tracing every funding statement to a current document, flagging the gaps and preparing the questions the board has to answer. You can see the funding and forecast output on our services page.
Questions clubs ask
What is the IFR forecast template?
It is the regulator's own strategic business plan template, covering a profit and loss account, a balance sheet and a cash flow forecast. The application asks clubs to complete it (question 2.1.1).
How much financial history does the application need?
Financial statements relevant to the 2024/25 and 2025/26 seasons (question 2.1.2), plus actual results from 1 July 2026 to the month before you submit.
What period does the IFR forecast cover?
To 30 June 2028, on a 30 June year end basis whatever your statutory year end. A club submitting in November 2026 forecasts 20 months, from 1 November 2026.
Does an owner funding letter need to cover the whole forecast?
The application asks how funding will be secured and what happens if it does not arrive. If the letter covers a shorter period than the forecast relies on, the club needs either a longer commitment or a credible fallback the board has agreed.
Is the application forecast the same as the ongoing financial plan?
They are different obligations, but they should start from the same model. After licensing, a mandatory condition requires clubs to submit, update and act in accordance with a financial plan.
Sources
- Provisional licensing guidance, Annex A parts 2.1 to 2.3, Independent Football Regulator
- Licensing: mandatory licence conditions, Independent Football Regulator
Last updated . This article is general information about the published regime, not legal or financial advice for your club.