As we are all aware, terrible management and a terrible Spanish economy means Spanish football clubs are not in particularly good shape.
For those that speak Spanish, here's a pretty shocking overview of the situation: http://www.elperiodicomediterraneo.c...vo_737376.html
Things are, quite frankly, awful. Ten clubs are in such bad financial shape they are in danger of relegation. Only Barcelona, Real Madrid (surprise surprise), Sevilla and Espanyol are financially secure, with Real Sociedad, Athletic Bilbao and Getafe in decent shape from previous financial issues.
The two worst cases right now are Atletico and Osasuna. Betis, Valencia, Rayo, Levante and Mallorca are all also in danger of administration. With the Spanish economy a disaster that will not get better anytime soon, it'll be hard to survive with the status quo.
Interestingly enough, despite relegation, Villarreal has zero debt.