The combined revenue of Premier League football clubs rose 3% to a record £3.4 billion in the 2014/15 season, according to new figures from Deloitte.
Despite the new record for revenues, combined pre-tax profits fell from £190 million to £120m. However, Deloitte said it was the first time this century that Premier League clubs have posted a combined profit two years in a row, following 2013/14's record.
Operating profits, however, which exclude 'on the field' costs like transfers, reached a combined £550m. And spending on wages rose 6% to a new record of an incredible £2bn. Deloitte said Premier League clubs are now spending 60% of revenue on player wages, although that was the second lowest ratio seen in the past decade.
Seventeen of the 20 Premier League clubs reported an operating profit for the season.
Dan Jones, partner in the Sports Business Group at Deloitte, said: "The perennial problem for Premier League clubs was to convert impressive revenue growth into profitability.
"We saw this problem solved with record-breaking results last year. The new challenge was to sustain this financial success, and the Premier League clubs have accomplished this in impressive style in the latest results.
"With further significant revenue increases already guaranteed for the next broadcast cycle, starting in 2016-17, there is every reason to be confident of the Premier League clubs' profitability being here to stay."
The latest TV broadcast deal, which runs from August until the end of the 2018/19 season, between the Premier League, Sky Sports and BT Sport is worth a whopping £5.2bn, 70% more than the existing £3.01bn contract.