Financial services firm Deloitte has published its annual review of English and European football's economic health and the game appears to be going from strength to strength.
Here, Press Association Sport picks out the key findings from the report, which is based on published financial accounts from the 2015/16 season:
- Having broken through the £4billion-mark for total revenues in 2014/15, the 92 clubs in England's top four divisions combined to earn £4.4billion in 2015/16, with the Premier League providing the lion's share once more, this time contributing a record £3.6billion.
- The Premier League's total breaks down to £182million for each club, which is more than all 22 Division One clubs earned in 1991/92, the season before the Premier League started.
- At £1.9billion, domestic and overseas broadcast revenue accounted for more than half of the Premier League clubs' total turnover, a figure that has almost doubled since 2008/9. That number will grow again when the improved broadcast deal which started in 2016/17 is reflected in accounts, with Deloitte predicting the Premier League's total revenues to exceed £4.5billion next season.
- The Premier League's wage bill rose to £2.3billion, an annual increase of 12 per cent, as clubs started to spend the next domestic TV deal's money a year early. But the trend is still towards more sustainable spending as the wages-to-revenue ratio was 63 per cent, down from its high of 71 per cent in 2012/13. That said, Premier League clubs still spend more than double what Europe's next best payer, La Liga, does.
- Premier League clubs spent a record £1.3billion on transfers in 2015/16, 20 per cent more than the season before, but the clubs' net debt fell for a third straight year to £2.2billion.
- Championship clubs earned a record £556million in 2015/16, up 1 per cent on the season, but almost a third of that came from Premier League parachute payments.
- The Championship's 24 clubs spent £561million on wages, or 101 per cent of total turnover, the third year in four they have paid out more than they brought in. The wages-to-turnover ratio in League One was 83 per cent and 70 per cent in League Two.
- The total European football market generated almost 25billion euros (£22.2billion), up 13 per cent on 2014/15, driven by domestic and UEFA broadcast rights, but the 'big five' leagues of England, France, Germany, Italy and Spain accounted for most of that, with all showing strong growth.
- Despite the huge increases in revenue for most of Europe's biggest names, particularly England's leading clubs, the best story of the season was provided by Leicester: Premier League champions with the 15th highest wage bill.