Today football is more than a Game. It enables a country to develop economic social relationship, politically and an instrument to build national images. The purpose of this thesis was to study Challenges of financial management system in some selected Ethiopian primer league Football clubs (Adama city FC, Ethiopia Coffee SC, Hawassa Kenema SC, Saint George SC and Sebeta City FC.). The sample of this study consists of head and vice officials/ administrators from each respective club, namely: the 6 Treasurer or Financial Controller, 6 Chairman or Club Manager and 6 Marketing Representative from each clubs of all five selected Ethiopian primer league Football clubs. The researcher used purposive sampling techniques. To conduct this research both quantitative and qualitative approaches were employed. rnThe result of the study indicates that there were some challenges that hindered the effectiveness of financial management system in the selected Ethiopian primer league Football clubs; the major challenges of financial management system were lack of enough sponsorship, imbalance of revenue and avenue, deficiency of working capital, the inconsistency of cash flow, the difficulty of possessing own money and poor market system of playersâ€™ transfer, and this study recommends To build the capacity of clubs, the government should involve itself strategically, it should help them to be independent and profit-making entities, that will ensure the growth and sustainability of the industry.