All 24 EFL League Two clubs' annual wage bill ranked from least to most | OneFootball

FLW takes a look at the annual wage bill of all 24 EFL League Two clubs.

The financial landscape of League Two remains as varied as ever, with clubs operating on vastly different budgets across the division.

The league is filled with clubs carrying ambitions of higher tiers, and ambitious outfits looking to make a name for themselves coming from non-league.

Using Capology's estimated 2025/26 annual payrolls, Football League World have ranked all 24 League Two clubs from lowest to highest regarding their wage expenditure.

24 ? ? Accrington Stanley - £1,881,200

Accrington Stanley were relegated from League One in 2023, but have often punched above their weight for large parts of the club's history.

With the lowest annual wage expenditure in the division (£1,881,200), John Doolan's side are looking for a more comfortable campaign after securing their place in the fourth tier by just one point last term.

23 ? ? Bromley - £2,103,400

Reaching the EFL for the first time in their history in 2024, Bromley's rise through the divisions has been spectacular. And the achievement is put into more context when their bill of £2,103,400 is considered.

After securing a comfortable 11th-place finish last term, they are pushing even higher this time around, with the club well in the race for promotion at this moment heading into the festive period - a remarkable achievement with the second-lowest expenditure in the division.

22 ? ? Barnet - £2,230,800

Returning to the Football League after seven years away earlier this year, Barnet are looking to settle down in the fourth tier, with the club currently on course for a mid-table finish.

Despite operating on a shoestring budget compared to other London clubs and others in the division, they are looking to cement their place as an EFL club for the future once again.

21 ? ? Oldham Athletic - £2,628,600

Oldham supporters have seen their club go through its fair share of financial struggles over the last decade.

But, after a period of obscurity in the National League, the Latics secured their place in the Football League via the play-offs earlier this calendar year, and are looking to cement themselves back in the division on a low budget in comparison to others in the division.

20 ? ? Newport County - £2,763,800

Locked to the bottom of League Two at this moment in time, Newport are currently in a battle to keep themselves in the football league after a stint stretching back to 2013.

With an annual wage bill of £2,763,800, Newport's budget isn't the highest. Although disappointment may arise when compared to other sides with lower expenditures.

19 ? ? Cheltenham Town - £2,873,000

Relegated from League One in the 2023/24 term, Cheltenham are now in their second season back in League Two. And they are operating with a wage bill much lower than expected for a side that was recently in the third tier.

Currently battling to stay in the division, the club has been in free fall this season after a mid-table finish last time around.

18 ? ? Harrogate Town - £2,922,400

Harrogate are in their sixth consecutive League Two season, while still operating with one of the league's lowest wage bills.

They do currently find themselves in a survival battle, though, which could be considered indicative of how they have punched above their weight for multiple years as a club now.

17 ? ? Crewe Alexandra - £3,125,200

Crewe's reliance on their homegrown talent remains central, and their wage bill of £3,125,200 reflects that. The club are in their third consecutive fourth-tier campaign since their relegation in 2023.

Not blessed with the biggest budget in the division, the club are looking to push for promotion back to League One, which they will consider to be their level.

After relegation from League One last term, Shrewsbury are in free fall. Though their wage bill does not exactly reflect a side that was in the third tier so recently.

Finding themselves in a relegation battle, they are aiming to climb out of the relegation places and settle down in the fourth tier.

15 ? ? Walsall - £3,403,400

After missing out on promotion last term, the Saddlers are aiming to get themselves back into League One - the level that the club consider themselves to be in terms of size.

Walsall's ownership have invested, without sitting with one of the top expenditures in the division, with their wage bill reaching £3,403,400