Premier League clubs posted record revenues last season to book an "aggregate pre-tax profit for only the second time this century," according to Paul McClean of the FINANCIAL TIMES. Clubs in the top tier of English football made a combined pre-tax profit of £120M in '14-15, according to Deloitte. That sum was 37% less than the £190M figure for '13-14 "but marks the first time Premiership teams have recorded two consecutive years of profit." Revenues, which have "risen sharply" since '13, when a new TV deal boosted income, rose 3% to a combined £3.4B -- a record. Before the '13 TV deal, "clubs made a combined pre-tax loss for 14 consecutive seasons." Money and Football author Stefan Szymanski said, "Football clubs have recorded systematic losses since the dawn of time. This is largely because the promotion and relegation system promotes such intense competition and because owners derive status from investing in their club." Deloitte Sports Business Group Partner Dan Jones said, "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." Szymanski agreed, saying that "the annual revenues of the Premier League are almost double that of their nearest financial rival [the Bundesliga in Germany]" (FT, 4/14). REUTERS' Simon Jennings reported the aggregate pre-tax profits of EPL clubs fell nearly 37% last season "due to a spike in wages." Wage costs rose 6% to a record £2B. Deloitte Sports Business Group Senior Consultant Adam Bull said, "Clubs now enjoy a significant revenue advantage over all but a handful of the biggest clubs from elsewhere in Europe" (REUTERS, 4/15).
