As the debate about English Premier League player wages, and proposed cuts to these becomes a political football all in itself, the reality is that the majority of clubs will need to cut or defer players' salaries fairly imminently. With wages costing up to 70% of total revenue, and with incomes dramatically reduced, most clubs won't be in a financial position to continue paying wages in full for several months.

While football clubs have high global brand recognition and millions of fans around the world, most clubs are mid-sized businesses with relatively modest liquidity. Unlike large corporates who may have significant access to liquidity or government loans, and are able to continue generating cash to some degree, the disproportionate employee cost base that cannot realistically be put onto the UK government's furlough scheme will quickly start to drain whatever liquidity most clubs have.