Debt to equity is an important aspect for the overall growth and operation of an organization. European football clubs have developed to become important organizations with large revenue and they continue to grow. There are relatively few studies that have analyzed debt to equity ratio in major European football clubs. Therefore, the purpose of this study was to investigate key variables that would influence debt to equity ratio in European football clubs. These key variables were revenue, ranking, how old is the club, spectator average, selling and buying of players. This study is based on a quantitative survey during a 5 year period (2014-2018). In order to statistically evaluate the data a correlation analysis and a bivariate regression analysis was performed. Five different hypotheses were tested to determine if they could be accepted or rejected based on the results from the regression analysis. The two hypotheses that could be accepted were that debt to equity ratio has a relation with profit and the age of the club. The hypotheses that were rejected were that debt to equity ratio does not have a relation with the clubs ranking, audience average, buying and selling of players. The results of this study are not limited to only the European clubs with the greatest revenue because the data set included even clubs with smaller revenues. Future studies should include other variables in order to have a more complete understanding of the factors that influence debt to equity ratio in European football clubs.