Despite astronomical revenues, massive player wages, and billion-pound turnovers, modern football remains one of the most indebted business sectors in the world. Recent data reveals that 94% of clubs in the English Football League operate at a loss, while top European teams owe external investors hundreds of millions, if not billions, of pounds.
BritBall.Net has released a ranking of the ten clubs with the largest debts in world football.
Major debtors in world football
Barcelona – £2.28 billion (€2.7 billion)
The Catalan giants' financial troubles began under President Josep Maria Bartomeu (2014–2020), stemming from colossal spending on transfers (notably Coutinho, Dembele, and Griezmann) and a 61% wage increase over three years. The COVID-19 pandemic exacerbated the crisis, while the planned renovation of Camp Nou morphed into a financial black hole. What initially was a €600 million project has, due to delays and additional loans, ballooned to €1.8 billion. To plug financial gaps, the club has activated 'levers', selling future income streams, such as 25% of their La Liga broadcasting rights for 25 years.
Manchester United – £1.15 billion
Unlike Barcelona or Tottenham, Manchester United's troubles are not linked to stadium construction. In 2005, the Glazer family acquired the club for £790 million, loading the debt of the purchase onto United itself. Over the years, the new owners have paid about £852 million in interest alone on the loans, while also extracting dividends totalling £1.2 billion. Coupled with poor transfer market activity, this has seen total debts rise to £1.15 billion.
Tottenham – £831.2 million
The financial burden on Spurs is compounded by the construction of their state-of-the-art stadium, which cost £1.2 billion compared to initial forecasts of £305 million. The club took out substantial bank loans, yet, after a few seasons, matchday revenue has begun to pay off: in 2025, match income reached £126.5 million, and commercial revenue hit £277.1 million, allowing them to reduce net debt to £831.2 million. It’s worth noting that stadium-related loans are excluded from the profitability rules, facilitating the club's transfer market activity.
Arsenal – £426.9 million
The giants from Manchester and London continue to dominate the debt rankings due to long-term infrastructure commitments and operational costs.
Roma – £348.4 million (€413 million)
Italian clubs traditionally face challenges with balancing income and expenditure, leading to substantial debts to investors.
Inter Milan – £336 million (€398 million)
Since the arrival of the Chinese consortium Suning in 2016, the club has issued bonds and taken emergency loans (including a 12% annual credit from Oaktree). Due to defaulting on debt, in May 2024, Oaktree took over control of the club, and under their stewardship, Inter registered a profit for the first time in 15 years in the 2024/25 season, yet the overall debt situation remains precarious.
Juventus – £286.8 million
The Turin giants are also grappling with the impacts of the pandemic, legal battles, and the need to maintain a competitive squad amidst declining operational revenues.
Liverpool – £285 million
The Merseysiders maintain stability thanks to FSG's sound business model, yet the club's financial obligations remain high, standing at £285 million.
Chelsea – £262.4 million (parent company BlueCo – £1.39 billion)
In April, Chelsea reported a record pre-tax loss of £262.4 million – the worst figure in Premier League history. Furthermore, the debt of parent company BlueCo has soared to £1.39 billion, raising significant concerns among the Blues' supporters.
PSG – £231.7 million (€274.4 million)
Despite massive investments from their Qatari owners, the Parisian club finds itself at the lower end of the top-ten due to stringent or navigable financial fair play restrictions.
