This article gives a concise, evidence based snapshot of which English club reports the highest net debt using audited accounts and major finance reviews up to the cut-off. It explains the working definition used, why stadium financing matters, and how readers can check the numbers themselves. The goal is practical: present a clear ranked snapshot tied to named filings, show the accounting mechanics that drive differences, and provide a short checklist so readers can reproduce or update the comparison with primary documents.

Tottenham Hotspur appear at or near the top of English club net debt rankings in recent filed accounts due to stadium borrowings.

Manchester United's FY2024 results show legacy long term borrowings that keep them among the most indebted clubs by net debt.

Chelsea's reported debt position was affected by owner loan forgiveness during the 2022 sale, altering year on year comparability.

Quick answer: which English club reports the highest debt and what that means for readers

Short headline conclusion

The short, evidence based answer is that Tottenham Hotspur appear at or near the top of English clubs for stadium related borrowings in the most recently filed accounts, with Manchester United and some other clubs also reporting large legacy borrowings in recent filings; Chelsea's reported position changed after owner loan forgiveness at the 2022 sale.

This snapshot uses a consistent net debt working definition, and the figure for Tottenham is visible in their published financial results for the year ended 30 June 2023 and related filings, which show large stadium related borrowings that materially affect reported debt Tottenham financial results.

Get the one page net debt methodology used for the ranking

Download a concise one page methodology summary to check how net debt is calculated and which filings we used.

View the methodology and sources

Why a clear definition matters

Net debt comparisons depend on using the same measure across clubs; our working definition follows the standard used by Deloitte and UEFA, where net debt equals interest bearing borrowings minus cash and cash equivalents, and applying that consistently changes the ranking outcome compared with headline gross numbers Deloitte Annual Review of Football Finance 2024.

Readers should treat the ranking as a snapshot tied to a cut-off date because club filings, stadium drawdowns, and ownership transactions can shift reported positions as new accounts are filed.

What 'debt' means for football clubs: net debt, gross debt and the accepted definitions

Net debt definition used in this article

For clarity we use net debt defined as interest bearing borrowings minus cash and cash equivalents, which aligns with the framework applied by major industry reviews and provides a comparable starting point for club by club checks UEFA club finance report 2024.

This measure focuses on the borrowings a club must service after accounting for cash reserves and so is more informative for refinancing and liquidity questions than gross debt alone.

Why cash and owner loans change the picture

Gross debt counts all borrowings before offsets, but net debt subtracts cash balances and therefore can make two clubs with similar gross borrowings look quite different when one holds more cash; owner or intercompany funding can be recorded in different ways so it is important to read the notes to each set of accounts before comparing numbers Deloitte Annual Review of Football Finance 2024.

Some clubs disclose alternative measures or alternative presentations of borrowing, and when they do we flag the approach rather than mix measures across clubs.

Why stadium and infrastructure projects drive borrowing in English clubs

Recent trend across Europe and England

Deloitte and UEFA analysis shows a rise in infrastructure linked borrowing across European clubs into 2024, and English clubs are prominent in that trend because stadium redevelopment and new builds require sizable long term finance that appears in accounts as borrowings Deloitte Annual Review of Football Finance 2024 and coverage on Sky Sports.

Which English club has the highest debt and how is that determined?

Based on the most recent filed accounts up to the cut-off, Tottenham Hotspur appear at or near the top for stadium related borrowings using a net debt definition of interest bearing borrowings minus cash, though Manchester United and others also report large borrowings and rankings can change as new filings or stadium drawdowns are recorded.

Stadium financing examples

Stadium projects are typically funded with long term loans and facilities that are drawn across construction phases; when such drawdowns appear in a club's balance sheet they increase reported borrowings even if matched by anticipated future revenues or commercial contracts, and Tottenham's filings are a clear illustration of this effect Tottenham filing history.

Because stadium financing often spans multiple years, a single filing date can show a large step change in reported debt that reflects project timing more than a sudden change in underlying business performance.

How this ranking was built: sources, cut-off date and what we included

Source list and cut-off logic

This article uses a transparent set of primary sources: the Deloitte Annual Review of Football Finance 2024, the UEFA 2024 landscape report, and the latest publicly filed club accounts and investor releases available at the time of our cut-off, including the Tottenham filings for year ended 30 June 2023, Manchester United's FY2024 results, and Chelsea's 2023 accounts Deloitte Annual Review of Football Finance 2024. See Funded Plays.

We applied a uniform net debt definition across all clubs and used the most recent audited accounts or official investor reports filed or published by each club as of the cut-off to build the snapshot.

Limitations and comparability choices

Rankings of club debt depend on a consistent methodology and a fixed cut-off date; any club that draws down stadium facilities, completes a refinancing or records an ownership transaction after the cut-off can change position, so this piece is a time bounded view not a definitive ongoing list UEFA club finance report 2024.

We also note where clubs treat owner loans or intercompany funding differently in disclosures and flag those cases in the ranked snapshot for interpretative caution.

Top indebted English clubs in the latest filings: ranked snapshot

High level ranked list

Below is a ranked snapshot using the stated net debt definition and the most recent audited accounts or official results up to the cut-off. Tottenham Hotspur are shown at or near the top because their filed accounts include large stadium related borrowings in the latest public results Tottenham financial results.

Funded Plays Challenges

View the methodology and sources

Manchester United also remain among the clubs with the largest net debt under the consistent definition, reflecting long term borrowings tied to earlier leveraged buyout financing rather than recent stadium debt in most cases Manchester United FY2024 results.

Chelsea's reported position changed materially after the 2022 ownership transition that resulted in forgiveness of legacy owner loans; the 2023 annual report shows a funding profile that leans on owner and intercompany arrangements rather than the same external bank debt composition used by some other clubs Chelsea annual report 2023 and related BBC coverage.

Notes on interpretation for each entry

These placements are sensitive to whether a club presents shareholder or intercompany funding as borrowings, and to the cash balances held at reporting date; where clubs disclose alternative debt measures we note that in the detailed case explanations below UEFA club finance report 2024.

Because the snapshot uses a consistent approach, some clubs with large gross commitments but higher cash buffers will rank lower on net debt than on headline gross figures.

Club case study: Tottenham Hotspur - why stadium borrowing dominates the balance sheet

What Tottenham disclosed in their latest filing

Close up of an annual report open to the notes to the accounts with a pen and calculator on a dark Funded Plays desk bournemouth v nottingham forest prediction

In the financial results for the year ended 30 June 2023 Tottenham set out stadium related borrowings and the structure of those facilities in the notes to the accounts; those long term borrowings are the primary reason the club appears at or near the top of net debt comparisons in the snapshot Tottenham financial results.

The filing and the company registry copies show where borrowings are classified, their maturity profiles and linked security arrangements, so readers should look to the notes for the detail behind headline numbers Tottenham filing history.

How stadium finance shows up in net debt measures

Stadium financing is often booked as long term debt and therefore increases reported borrowings measured in net debt, even when clubs anticipate future commercial revenue that will amortise the project cost over many years Deloitte Annual Review of Football Finance 2024.

That accounting treatment means stadium heavy clubs can register high net debt early in a project lifecycle, which is why timing and read through of notes is essential when comparing clubs.

Club case study: Manchester United - legacy leveraged buyout borrowings

What the FY2024 results show

Manchester United's fiscal 2024 results continue to show substantial long term borrowings related to prior leveraged buyout financing, which keeps the club among those with the largest net debt by the standard definition used in this article Manchester United FY2024 results.

Quick public filings lookup steps for club annual reports

Company number lookup
Annual report PDF
Notes to the accounts

Use official company registrar and investor relations pages

Those legacy borrowings can persist for many years and form a material element of net debt even if new stadium or infrastructure loans are not present in the accounts.

Why legacy borrowings matter for net debt

Long term borrowings tied to past transactions affect refinancing risk and maturity profiles; inspecting the notes to see when principal repayments fall due helps assess short term liquidity versus long term obligations Manchester United FY2024 results.

Analysts often separate the maturity schedule from headline net debt to understand refinancing windows and whether upcoming amortisation could stress cash flow in a particular reporting period.

Club case study: Chelsea FC - how ownership changes changed reported debt

What the 2023 accounts disclose

Chelsea's 2023 annual report documents the post sale funding profile and the accounting treatment that followed the 2022 ownership transition, including the forgiveness of certain shareholder loans which reduced prior reported borrowings in the accounts Chelsea annual report 2023.

The change in funding structure means the composition of borrowings in Chelsea's accounts differs from many clubs that rely more on traditional external bank debt.

The effect of forgiven owner loans on net debt

When owner or shareholder loans are written off at a sale the club's balance sheet can show a lower net debt position even though new owner funding might take alternative forms; this is an accounting effect that alters year on year comparability unless noted explicitly UEFA club finance report 2024.

For fair comparisons, readers should check whether past owner loans were treated as borrowings or were removed in a transaction, and then adjust interpretation accordingly.

Net debt versus headline figures: pitfalls and common mistakes when comparing clubs

Owner loans and intercompany balances

A common error is mixing gross and net debt or failing to note whether owner loans are included as borrowings; that leads to misleading comparisons unless the same approach is applied to each club's accounts Deloitte Annual Review of Football Finance 2024.

Always check the notes to see whether intercompany balances are classified as borrowings, and treat such items consistently across clubs.

Timing differences and one off items

One off items such as asset disposals, writedowns or capital receipts can temporarily alter net debt, so look for post balance sheet events and explanatory notes that clarify whether a change is structural or one off UEFA club finance report 2024.

Comparisons that ignore those timing effects can overstate differences between clubs in a single reporting year.

What high club debt can mean in practice for stability and operations

Liquidity, refinancing and sporting investment

High net debt can constrain a club's flexibility to refinance, to invest in transfers or infrastructure, and can create refinancing risk if maturity profiles cluster in a short window; reading maturity schedules helps identify near term pressure points rather than relying on headline numbers alone Deloitte Annual Review of Football Finance 2024.

Minimalist 2D vector stacked bar comparison of borrowings and cash for Tottenham Manchester United and Chelsea on a Funded Plays dark background bournemouth v nottingham forest prediction

However, high debt does not mechanically determine on pitch results because revenue streams, commercial deals and access to owner funding also matter for operational decisions and strategic investment UEFA club finance report 2024.

Why debt alone is not a sole indicator

Two clubs with similar net debt can have very different risk profiles if one has predictable commercial income and long term sponsorship deals while the other relies on variable matchday or transfer income, so net debt should be evaluated alongside revenue stability.

Also consider access to capital markets, owner appetite for support, and the club's broader financial strategy when judging what a debt figure implies for future operations.

How rankings may change by 2026: what to watch and why updates matter

Stadium drawdowns and new filings

Rankings can shift when clubs draw down construction facilities, complete stadium projects, or publish new annual reports; stadium drawdowns in particular often produce large step changes that analysts should monitor in subsequent filings UEFA club finance report 2024 and in wider reporting such as the New York Times.

To keep a ranking current, follow company filings and the periodic Deloitte and UEFA reviews that summarise league level trends and methodology updates.

Events that can move a club in the ranking

Typical triggers for movement include completed stadium drawdowns, refinancing deals that change the composition of debt, owner transactions that alter recorded borrowings, and material commercial contracts that affect cash positions.

Watching maturity schedules and post balance sheet notes gives early indication of potential ranking shifts before headline figures are republished.

Practical checklist: how to verify a club's debt yourself using public filings

Where to find filings

Primary places to check are the club's investor relations pages, the official company filings registry for that jurisdiction, and published annual reports and financial statements where the notes and schedules detail borrowings and cash balances; Tottenham, Manchester United and Chelsea filings are examples of where to start Companies House filing history example or see how Funded Plays evaluations work.

Investor relations press releases and published annual reports provide narrative context and highlight material transactions that may not be obvious from headline numbers alone.

Key line items to check

When reviewing accounts record the interest bearing borrowings, cash and cash equivalents, check the notes for maturity profiles and any related party or owner loan disclosures, and note the report date and any post balance sheet events that could alter the position Deloitte Annual Review of Football Finance 2024.

Keeping a short table with the reporting date, borrowings, cash, and the calculated net debt will allow repeatable comparisons across clubs and reporting periods.

Conclusion: headline takeaways and next steps for curious readers

Headline takeaways: Tottenham Hotspur are at or near the top of English club net debt rankings in the latest filed accounts because of stadium related borrowings, Manchester United remain among the most indebted due to legacy leveraged buyout borrowings, and Chelsea's position changed after owner loan adjustments in the 2022 sale Tottenham financial results.

This is a snapshot based on a defined net debt measure; to update the view check the latest club accounts, company filings and the periodic Deloitte and UEFA reviews for refreshed league level context Deloitte Annual Review of Football Finance 2024 and our blog.

How is net debt defined for football clubs?

Net debt is typically interest bearing borrowings minus cash and cash equivalents, which shows borrowings after available cash is taken into account.

Why does stadium construction increase a club's reported debt?

Stadium projects are usually financed with long term loans that are drawn over construction phases and therefore increase reported borrowings on the balance sheet.

How often do these rankings change?

Rankings can change whenever clubs file new audited accounts, draw down stadium financing, refinance debt, or complete ownership transactions.

If you want to follow changes, monitor club annual reports, Companies House or equivalent registries, and periodic Deloitte or UEFA reviews for refreshed league level context. Financial positions shift with stadium drawdowns, refinancing and ownership moves, so a reproducible methodology and a clear cut-off date are essential for fair comparisons.