Cambridge, Carlisle and AFC Wimbledon make up a quartet of clubs in the top four divisions already up to speed as of last season, as set out in the Fair Game Index published on Wednesday.
Carlisle have since been relegated to the National League.
The Index found 43 of the 92 Premier League and EFL clubs have less than one month’s cash reserves to cover operating costs, with just nine having three months’ reserves.
The independent regulator is set to be up and running before the end of the year. Its main purpose will be to operate a licensing system designed to ensure clubs are run sustainably and are accountable to their fans.
Albion chief executive and deputy chairman Paul Barber has spoken of his concerns about a football regulator.
He said earlier this year: "We want football clubs to grow and thrive and develop and create more jobs and more opportunities. What we don't need is to be bogged down in more bureaucracy.
“It's really important that the regulator is light touch and understands very much what football clubs are already doing in terms of maintaining a healthy balance sheet, maintaining a sustainable environment for their employees to continue to earn their livings and support communities and so on."
Fair Game is a campaign group which had long called for the establishment of a regulator.
Its chief executive Niall Couper said: “If anyone had any doubts whether football needs a regulator, today’s report blows those doubts out of the water.
“Financial recklessness is rife, good governance is a rarity, and matters concerning ethics and environment rarely reach the boardroom.
“There are some exceptions and we are delighted to champion those clubs today. These clubs are exemplars and football’s financial flow should look to reward them.
“Fair Game is delighted that a regulator is now in place – something we campaigned for – and we will do all we can to make sure it is a success and our hope is that the 2026 Index will show significant signs of improvement within our national game.”
Albion might feel their healthy state shows what can be done without a regulator.
The Index, which looked at 164 clubs in all down to National League North and South in the 2024-25 season, found 75 per cent of Premier League clubs were technically solvent – meaning a club’s assets at least match its liabilities.
However, only five per cent of those clubs were found to have three months’ cash reserves.
Only 29 per cent of clubs in the top four divisions had a wage-to-revenue ratio of 70 per cent or less. Seventy per cent is the limit imposed at UEFA level in its financial sustainability regulations.