Defender Chris Smalling, who plays for Manchester United, intended to make an elaborate pun on the popular "Jagerbomb" drink by strapping bottles of Jagermeister and Red Bull to his body, his management said.
He is pictured in one paper appearing to wear an army-style vest with the alcohol bottles, a mock circuit board and cables attached. He also appears to be wearing an Arab kaffiyeh head dress.
Wasserman Media Group said in a statement: "Chris and his girlfriend hosted a fancy dress party to celebrate Christmas and their belated birthdays with close friends in the assumed privacy of his own home.
"He dressed in a costume consisting of empty bottles of Jagermeister and cans of Red Bull strapped to his chest in an attempted comedy play on the popular 'Jagerbomb' drink.
"Although he fully accepts in hindsight it was an ill-thought out and insensitive decision, absolutely no harm was intended whatsoever and he apologises for any offence caused."
Graham Foulkes, 61, from Oldham, whose son David died in the London 7/7 suicide bombings told the newspaper the 'jagerbomber' costume was "one of the most offensive things I have seen".