Jonathan Greenstein on Football Board Risk

In this episode of The Boardroom Path, Ralph Grayson speaks with Jonathan Greenstein, co-founder and director of Lagom Sports Compliance, about football club governance and the responsibilities of directors under the Independent Football Regulator. Jonathan draws on his financial services compliance background to explain why a good governance statement needs a record of decisions, challenge and follow-up behind it. The regulator’s draft State of the Game report says 94% of clubs in the top five English leagues were loss-making in its 2025/26 dataset, which combines actual and forecast information. Jonathan discusses what boards should establish about the amount, timing and reliability of owner support.  The conversation covers related-party transactions, delegated authority and the difference between accountability and the practical ability to challenge. Jonathan also sets out the documents a prospective NED should request, the football-specific knowledge they will need to learn and why supporters must remain part of the board’s thinking. (00:00) - Welcome to The Boardroom Path (03:54) - Why Football Needs Regulatory Experience (06:07) - Club Losses and Owner Funding (09:17) - Evidence of Effective Governance (12:17) - Individual Accountability and Responsibility (15:17) - Club and Director Liability (18:10) - Related-Party Deals and Independent Challenge (20:31) - Board Skills and Club Risks (23:46) - Independence and the Authority to Challenge (26:22) - Bringing Outside Experience to Football (29:39) - Due Diligence Before Joining a Board (32:32) - Supporters, Heritage and the Club Jonathan Greenstein: Jonathan Greenstein is co-founder and director of Lagom Sports Compliance, a specialist governance, risk, compliance and anti-financial crime advisory business focused on professional football. He founded Lagom Consulting in 2024 after 15 years in financial services regulatory compliance. At Lagom Sports Compliance, Jonathan leads business development, operations, finance and marketing, alongside his work with Lagom Consulting clients.Ralph Grayson: Ralph Grayson is a Partner in the Board Practice at Sainty Hird & Partners, bringing extensive experience in board-level recruitment, assessment, and advisory services. With a deep understanding of the corporate governance landscape, Ralph specialises in guiding senior executives as they transition into impactful boardroom careers. His thoughtful approach, combined with a passion for developing effective leaders, enables him to facilitate insightful conversations that equip aspiring and newly appointed Non-Executive Directors with the tools they need to succeed. Through The Boardroom Path, Ralph leverages his extensive professional network and expertise to empower listeners on their journey into the boardroom. Episode Insights: A governance statement is more useful when directors can trace a decision through challenge, approval and review. Owner support should be tested for amount, timing, conditions and reliability, alongside the source of funds. Independent challenge requires access to information, a chair who supports it and a way to record dissent. Board skills should match the club’s risks, funding and structure; governance arrangements should be proportionate to its size. Directors from outside football can bring relevant experience, but need to learn the game’s economics, rules and relationship with supporters. Action Points: Trace a material decision: Select a recent decision and follow it from proposal to review. Check that the record shows challenge, authority and approval. Identify any gaps before the next decision reaches the board. Test owner funding: Ask for the amount, timing and conditions of promised support. Review the cash forecast and the plan if funding does not arrive. Examine the source of funds where appropriate. Agree decision limits: Establish who can commit the club and which decisions return to the board. Set an escalation route for exceptions, including urgent transfer decisions. Record approvals before commitments are made. Check independence in practice: Ask how directors obtain information and independent advice. Review the conflicts procedure and how dissent is recorded. Consider whether a director can exercise the authority needed to discharge their responsibilities. Assess the board’s skills: Map existing experience against the club’s funding, ownership and transaction risks. Identify gaps and decide whether to recruit or obtain specialist advice. Provide football-specific induction for directors joining from other sectors. The Boardroom Path is the essential podcast for aspiring and newly appointed Non-Executive Directors (NEDs) navigating the journey from executive leadership to the boardroom. Hosted by Ralph Grayson, partner at Sainty Hird & Partners, each episode offers insightful conversations with industry leaders, seasoned board directors, and governance experts. Our guests share practical strategies, valuable perspectives, and actionable advice on how to effectively transition into board roles, maximise your impact, and build a rewarding NED career.  Subscribe now, and take your first confident step along The Boardroom Path. Learn more about Sainty Hird & Partners at saintyhird.com. The Boardroom Path is produced by Story Ninety-Four in Oxford, UK.