Preston North End are the only club in the Championship to be free of debt, according to a new report published.
Insider Media Limited – a UK based regional business-to-business media company – have researched the most recent financial accounts for all 24 clubs currently playing in the second tier of English football.
Their findings make alarming reading, with the combined total of debt amassed for the division as a whole said to be more than £1billion.
Bolton Wanderers are believed to be the club with the largest debt pile. They are believed to be £181.1million in the red – most of which is owed to Eddie Davies.
Other clubs who have amassed large net debts are Queens Park Rangers (£179.6m), Ipswich Town (£82.4m), Cardiff City (£81.1m) and Hull City (£64.8m).
Preston, on the other hand, are in net funds due to owner Trevor Hemmings’ decision to wipe more than £34million off its balance sheet during the club’s latest accounts filed at Companies House.
Other clubs who have a relative low amount of debt in the Championship include Rotherham United, Burnley, Derby County and Birmingham City.
Despite the hefty debt figure among the Championship’s 24 clubs – which works out at an average of £48.5m each – a recent report by insolvency specialist Begbies Traynor found that Financial Fair Play (FFP) rules are having an impact.
Its Red Flag Alert Football Distress Report said that just three clubs of the 72 in the Championship and Leagues One and Two are suffering from “serious financial distress”.