" So, much of Madrids 590 million and Barcelonas 578 million debt includes liability for what might be termed normal operations. If we apply the same definition to Manchester United, they have debt (total liabilities) of just under 1 billion (£824 million converted at a rate of 1.20). Even Arsenals debt on the same basis is 524 million, which the journalists would no doubt describe as eye-watering if they were talking about others and not their template for a well-run club. To use an old adage, you have to make sure that you are comparing apples with apples.
Of course, if you wanted to make a clubs debt look as bad as possible, then you would absolutely use the total liabilities definition. However, it is very conservative to say the least. Indeed, in response to their critics, Madrid and Barcelona might feel like misquoting Mark Twain: The reports of my debt have been greatly exaggerated."
Then go look at the figures.