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| Premier League clubs back in the black as TV cash rolls in | |
| (about 1 hour later) | |
| English Premier League’s clubs have recorded the first combined pre-tax profit for 15 years thanks to the soaring value of television deals and a slowdown in players’ salaries. | English Premier League’s clubs have recorded the first combined pre-tax profit for 15 years thanks to the soaring value of television deals and a slowdown in players’ salaries. |
| While on-field performances of England’s top teams against Europe’s elite have regressed in the Champions League and Europa League, their bank accounts are bulging, according to business advisory firm Deloitte. | While on-field performances of England’s top teams against Europe’s elite have regressed in the Champions League and Europa League, their bank accounts are bulging, according to business advisory firm Deloitte. |
| In 2013-14, Premier League clubs generated a combined pre-tax profit of £190 million – four times greater than the previous record of £49 million in 1997-98. | |
| The figures are in sharp contrast to the previous decade when Premier League clubs accumulated combined pre-tax losses of £2.6 billion. | |
| Deloitte analyst Dan Jones said clubs were now spending less of their income on players’ salaries. | Deloitte analyst Dan Jones said clubs were now spending less of their income on players’ salaries. |
| “Last season was the first in the Premier League’s current three-year broadcast deal, which was a record breaker when it was struck,” Jones said. | “Last season was the first in the Premier League’s current three-year broadcast deal, which was a record breaker when it was struck,” Jones said. |
| “Despite this extra income clubs showed relative restraint in wage costs, which grew by six percent. | “Despite this extra income clubs showed relative restraint in wage costs, which grew by six percent. |
| “With the recent announcement of another record Premier League broadcast deal, the revenue increases show no sign of ending and should make this season’s profit a regular outcome.“ | “With the recent announcement of another record Premier League broadcast deal, the revenue increases show no sign of ending and should make this season’s profit a regular outcome.“ |
| The report said that, excluding player trading, net interest charges and the amortisation of contracts, top flight clubs recorded a £620 million operating profit last season. | |
| However the percentage of revenue spent on player salaries had fallen from a record of 71 percent in 2012-13 to 58 percent in 2013-14 – the lowest since 1998-99. | However the percentage of revenue spent on player salaries had fallen from a record of 71 percent in 2012-13 to 58 percent in 2013-14 – the lowest since 1998-99. |
| With television revenues set to rise to eye-watering levels from the 2016-17 season thanks to a £5.13 billion rights deal, the Premier League now enjoys a huge advantage over other top European leagues, said Deloitte analyst Andy Bull. | |
| “The current broadcast deal has given Premier League clubs such a large revenue advantage over the vast majority of European clubs that they can attract the top playing talent without over stretching themselves financially,” he said. | “The current broadcast deal has given Premier League clubs such a large revenue advantage over the vast majority of European clubs that they can attract the top playing talent without over stretching themselves financially,” he said. |