Hat tip to Will Rubbish and 'SP'.
My favourites have to be Bayern Bru, FC Copenbadly and *cough* Torpedo Belgrano.
I believe that there's a bit of a tussle at the moment between Hajduk Spliff and LSD Eindhoven over the signature of Richie Hart.
Steaua Needarest Dyslexia Untied Fatzio Red Star Bellend Sporting Lesbian Grass Smokers Zurich Hajduk Spliff LSD Eindhoven Albion Hungovers Real Sosobad Shackthar Senseless Hardly Athletic St. Mirnoff Real Ale Madrid Fred West Ham Unreal Madrid Rapid Viagra Barearselona Bayern Bru Athletico Madras Deportivo Lack a Talent Bayer Neverlusen Borussia Nosobad Sparka Fag Graham Rix U16's Big Bertha Berlin Inter Masister Substandard Liege Torpedo Belgrano Bayer Leverarchfile FC Copenbadly Sporting Abeergut Dinamo Mince Red Stripe Belgrade Fake Madrid Unathletic Madrid Outer Milan