North West David Casey

Championship clubs have together amassed more than £1.1bn of debt, exclusive research compiled by Insider has revealed, highlighting the alarming state of some of the teams who are battling to reach the top tier of English football. The Championship team with the largest debt pile is Bolton Wanderers, although it is a more mixed picture for the North West's other sides.

The research, which analysed the most recent financial accounts for all 24 clubs in this season's Championship, also found the total debt was almost double the division's collective turnover figure.

Bolton Wanderers remain the side with the largest debt pile of £182.1m – the vast majority of which is owed to Eddie Davies, a self-made millionaire through the manufacture of thermostats and kettle parts. Chairman Phil Gartside has previously described Davies' support as "humbling" but it's no secret the businessman is now looking for an exit.

Other clubs who have amassed large net debts are Queens Park Rangers (£179.6m), Ipswich Town (£82.4m), Cardiff City (£81.1m) and Hull City (£64.8m). Only Preston North End are in a net funds position thanks to owner Trevor Hemmings' decision to wipe more than £34m off its balance sheet during the club's latest accounts filed at Companies House.

The debt figure paints an alarming picture of the difficulties for many clubs to adjust to life in the Championship after dropping out of the Premier League. Combined turnover totalled £646.4m with a significant chunk of that coming from parachute payments to relegated clubs.

Parachute payments, designed to cushion the financial blow, currently total £60m over a four-year period. However, from 2016-17, payments will be made over three years instead of four, while clubs who are relegated after just a single year in the Premier League will only quality for two years' of payments.