New report reveals massive debts in La Liga

By James Walker-Roberts, Special to SI.com, Goal.com

More from Goal.com More English PL coverage from Goal.com More Italian Serie A coverage from Goal.com More Spanish La Liga coverage from Goal.com More U.S., MLS soccer coverage from Goal.com More Mexican soccer coverage from Goal.com

Clubs in Spain have never been shy of flashing their plastic cards over the years but, according to a report published on Wednesday, most of those doing the spending have exceeded their credit limits.

The study, which comes from the University of Barcelona, was published by the newspaper La Vanguardia, and reveals that in total, during the 2006-07 season, La Liga clubs were in debt to the tune of $4.1 billion.

According to the report, most of that debt comes from signings, which total $1.8 billion, and it is no surprise to see Real Madrid at the top of the list.

The defending La Liga champions lead the way with a debt of $722 million, while close behind them are the capital's other major side, Atlético Madrid, with $589 million.

Behind those two comes Barcelona, which has a debt of $532 million. According to José María Gay de Liébana, author of the report, the only clubs who saved during that season were Villarreal, Racing Santander, Deportivo La Coruña and Gimnastic de Tarragona.

Speaking to La Vanguardia on Wednesday following the report, Liébana sounded concerned by the findings and even admitted some clubs are techincally bankrupt.

"In general, the clubs suffer from a worrying and distinct lack of capitalization," he mused. "Some clubs are even in a technical situation of bankruptcy, that is to say that their assets are lower than the existing debt and, consequently, with all their assets and investments, are not in a position to pay off their debts."

Liébana also acknowledged that many of the teams in the report have now been relegated, such as Zaragoza, Gimnastic, Levante, Celta Vigo and Real Sociedad.