Rangers owe more than £20 million - the highest borrowings in Scottish football.
Figures highlighted by Kieran Maguire, a lecturer in football finance at the University of Liverpool, show British football clubs owe more than £3.5billion to banks and owners.
Rangers lead the way in Scotland with borrowings of £22.5million as per their most recent set of accounts for the year 2017-2018.
It is in excess of £10million more than rivals Celtic whose borrowings are £10.8million.
These figures pale in comparison to Premier League clubs with Manchester United's nearly £500million. Brighton, Liverpool and Arsenal are all above £200million.
Elsewhere in Scotland Hibs owe £4million, while Motherwell (£1.9m), Dundee United (£1.9m) and Dundee (£1.3m) come in at over £1million.
The only other Scottish clubs listed who have borrowings are Aberdeen (£0.5m), St Johnstone (£0.3m) and Ross County (£0.2m).