A financial report that is to be released by UEFA - The European Club Footballing Landscape - contains an analysis of club's accounts for the year 2007-08.
The total debt among 18 clubs from the English top-flight is a little under £3.5 billion, which is about four times as much as Spain's Primera Division clubs owed during that period.
The figure could have been higher but the report did not account for the money owed by Portsmouth and West Ham United, as they were not granted UEFA licences due to their cash-strapped nature.
However, the Premier League made the most amount of money from television and other commercial revenues, as £107 million was generated on average from the 18 clubs in question. The next wealthiest league was the German Bundesliga, at an average of £69.2m per club.
"English clubs contain on their balance sheets an estimated 56 per cent of Europe-wide commercial debt," the report reads, according to The Guardian.
The general secretary of UEFA, Gianni Infantino, explained the need for a reformation, particularly after the well documented financially stricken nature of Portsmouth, a club that changed hands four times this season and is currently on the verge of going into administration.
"The Portsmouth example shows something must be done to help the clubs be more sustainable," he said.
"The English Premier League clubs have higher revenues, but it is worrying to see such huge debt.
"If it is borrowed to fuel spending on players, the problem comes when you cannot borrow any more money and can no longer pay the debts."