Figures highlighted by Kieran Maguire, a lecturer in football finance at the University of Liverpool, show British football clubs owe more than Â£3.5billion to banks and owners.
Rangers lead the way in Scotland with borrowings of Â£22.5million as per their most recent set of accounts for the year 2017-2018.
It is in excess of Â£10million more than rivals Celtic whose borrowings are Â£10.8million.
These figures pale in comparison to Premier League clubs with Manchester United's nearly Â£500million. Brighton, Liverpool and Arsenal are all above Â£200million.
Elsewhere in Scotland Hibs owe Â£4million, while Motherwell (Â£1.9m), Dundee United (Â£1.9m) and Dundee (Â£1.3m) come in at over Â£1million.
The only other Scottish clubs listed who have borrowings are Aberdeen (Â£0.5m), St Johnstone (Â£0.3m) and Ross County (Â£0.2m).