Recession, austerity and debts are words that are too-often heard nowadays. But they have also become increasingly significant in the world of football.

Of course most people are well aware of the distinct debt issues at Manchester United, Rangers, La Liga’s Valencia and the League of Ireland.

But under the radar there are other household names in European football that are sliding towards the brink – and unsurprisingly they reside in two of the countries that have been worst affected by the financial crisis…

Sporting Lisbon

One of the traditional Big Three in Portugal alongside Benfica and FC Porto, Sporting Lisbon are one of the most recognisable names in European football.

Lest it be forgotten this is the club that produced Luis Figo, Cristiano Ronaldo, Nani, Simao, Ricardo Quaresma and Joao Moutinho.

And in their 106 year history the club has won 18 league titles, 19 Portuguese Cups and one European Cup Winners Cup.

But this season the unthinkable is occurring. The Lions are sitting near the bottom of a den, fifth from bottom in the Portuguese top flight – only one point above the relegation zone – while they are already out of the Cup.

When you look at the scale of their debts, you realise the predicament they find themselves in. Currently the total debt stands at over €350 million and in 2012 they were described as “technically bankrupt”.  Figures show that the capital club has also been losing money for 12 of the last 13 seasons.

The problem is exacerbated by social and monetary problems within the country. With unemployment at 15 per cent, attendances at the Jose Alvalade Stadium have plummeted - with just half of the 50,000 seats filled for an average home game. 

Unlike rivals Porto and Benfica however, they are no longer immune from financial issues because they no longer qualify for the Champions League group stages.

Selling players can be an option for clubs under financial duress. But for Sporting this will not solve the issue. Unlike Porto who can sell a player like Hulk for €40 million, Sporting do not have an “asset” of anywhere near that value in their squad, meaning any profit from players sales will be negligible.

However sales will still be a necessity to try to paper over the cracks in the short-term but without Champions League football and outside investment, Sporting’s slide into mediocrity will continue unabated.

AEK Athens

Traditionally Greece’s third team, AEK Athens are in a worse state than Sporting and there is a real possibility that the club might not get the chance to celebrate the next New Year.

The 11-time Greek champions are currently in the relegation zone, second bottom and three points from safety. And that’s taking into account that the team’s form has improved somewhat in recent weeks. Until the very eve of this season, there was even a possibility that the club was not going to be handed a professional licence.

Summer 2012 was a traumatic time for the club with the vast majority of the first-team put up for sale as they attempted to tackle a €35 million debt. Although that does not appear to be a huge figure in comparison to the sums owed at Sporting or elsewhere on the continent, it is an enormous weight when Greece’s financial crisis is taken into account.

But to blame Greece’s recession for AEK’s problems would be wrong. It has certainly made things harder but the club had been in the same situation almost ten years ago.

For much of the last two decades the club has been mismanaged by a long line of presidents. In fact since their last league title in 1994, there have been 20 different men at the helm.

In 2004 they got a reprieve when the club had some of its mounting debts written off and was allowed to pay off the remainder over the long-term after then-President Demis Nikolaidis struck a deal with the Greek government.

But there is no chance of a similar escape route opening up with the government in an equally perilous state.

Lack of Champions League football has been another key cause of AEK’s issues. The club has not reached the group stages since 2006-07. In contrast perennial league champions Olympiakos are a fixture in the European’s premier competition which has insulated them from the worst excesses of the Greek recession.

But with a squad full of loan buys, journey men, youngsters and free transfers, AEK’s plight looks bleak.