London, Feb 24 (ANI): England Premier League clubs owe more money than all the other clubs in Europe's top divisions put together, according to a UEFA report.
The report calculates the combined debts of just 18 Premier League clubs at just under 3.5 billion dollars, around four times the figure for the next most indebted top division, Spain's La Liga.
The finding is contained in UEFA's official report, The European Club Footballing Landscape, which analyses the 2007-08 annual accounts, the latest available, of all 732 clubs licensed by UEFA, The Guardian reports.
The Premier League made much more money from television and other commercial income than its rivals, 122 million euros on average at the 18 clubs; the next wealthiest was the German Bundesliga, whose clubs made an average 79 million euros.
Yet despite that commercial advantage, the 18 English clubs were hugely more reliant on borrowed money from banks and club owners than the 714 other clubs combined.
"English clubs contain on their balance sheets an estimated 56 percent of Europe-wide commercial debt," the report says.
UEFA will present the report as authoritative evidence of the need for its Financial Fair Play rules, agreed in principle by the major clubs and leagues, which will require clubs to break ven financially from 2012-13. (ANI)