The total debt of Premier League clubs is greater than the rest of Europe's top sides put together, report Uefa.
The English top-flight does, however, account for almost half of club assets across the continent.
Uefa has released these figures in a new report carried out into the state of football's finances.
It shows that the total debt of Premier League clubs stands at €3.8billion (Ј3.4billion), which equates to 56 per cent of the total across Europe.
Premier League assets stand at €4.3billion (Ј3.8billion), accounting for a 48 per cent share of the assets among all European clubs.
What is worrying for English clubs is that the total value of the debt is so close to the value of the assets.
TakeoversIn Spain, which has the next highest debt of Ј858million, the assets are worth Ј2.5billion, three times the value of the debts.
In Italy, the debt is Ј442million and the assets worth Ј1.3billion.
Uefa's report, the European Club Footballing Landscape, has looked at the 2007-08 accounts from all 732 clubs licensed by football's European governing body.
The 80-page document's analysis of the Premier League reports that many clubs have used their stadiums and grounds as collateral to borrow money.
The report accepts much of the debt is linked to the leveraged takeovers by the Glazer family at Manchester United and the Hicks/Gillett buy-out of Liverpool.
"Some of the long-term debt is linked to new stadia such as Arsenal's, and in other cases already-built assets provide security for commercial lenders," says the report, adding that the leveraged buy-outs have been "so far acting principally as a burden rather than to support investment or spending".
System
The report did not include the debts of Portsmouth and West Ham because they had not been granted Uefa licences that year due to their financial problems.
The report comes after it was revealed that Manchester United's Ј716million debt is greater than the entire cumulative sum owed by all 36 clubs in the top two divisions in Germany.
The German Football League (DFL) clubs' debts total Ј544million.
Uefa president Michel Platini is pushing for a system where clubs in the UEFA Champions League and Europa League will only be allowed to spend what they earn.
Platini said recently: "The Financial Fair Play concept is very important for the well-being of clubs.
"We believe that for clubs to survive they can't spend more than they earn and the executive committee has agreed to introduce regulations to reach this aim."
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