English Premier League clubs set new records for turnover and profit in the 2016/17 season, financial experts Deloitte said Friday.
Deloitte’s Sports Business Group said the 20 clubs in England’s top flight saw revenue increase by nearly 1 billion pounds (1.4 billion U.S. dollars) to 4.5 billion pounds (6.4 billion U.S. dollars) in the 2016/17 season, a new record.
The clubs generated a combined operating profit of 1 billion pounds (1. 4 billion U.S.dollars) in the season, the analysis showed. The clubs collectively reported half a billion pounds (704,000 U.S. dollars) in pre-tax profit, which is also a league record.
The total wages bill increased by 9 percent to 3.52 billion U.S. dollars.
Dan Jones, head of Deloitte’s Sports Business Group at Deloitte, said: “As predicted last year, the Premier League’s three year broadcast deals which came into effect in the 2016/17 season helped drive revenue to record levels.
“Despite wages increasing by 9 percent this increase is nowhere near the level of revenue growth noted. This relative restraint from Premier League clubs reflects both the extent of their financial advantage over other leagues and the impact of domestic and European cost control measures.