A study by University of Barcelona professor Jose Maria Gay has shown the 20 clubs in Spain’s La Liga owed a combined €3.53 billion in 2008-09.
The figure represents a €40 million increase on the previous season, while revenue growth dropped from 10 per cent to four per cent.
Total operating costs rose by €249 million to €1.7 billion, of which labour costs – mainly players wages – accounted for 85 per cent.
Only top two Real Madrid and Barcelona and relegated Numancia managed to make an operating profit.
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