Premier League clubs in '13-14 made an "overall profit for the first time in 16 years" after financial fair play rules were introduced in '13, according to David Conn of the London GUARDIAN. The regulations, which restricted to £4M ($6M) the extra money from the "hugely increased TV deals the clubs could spend on wages," led to players' pay "increasing by only around 5.5% while overall income boomed by 22%." In '13-14, the year for which the 20 clubs "have most recently published accounts, 15 made a profit" and the Premier League recorded a profit collectively of £198M. That was a "dramatic transformation" from '12-13, the last year of the previous three-year, £3.7B TV deals when 12 of the 20 clubs made losses. Stoke City Owner Peter Coates, who "argued forcefully for the clubs to adopt the financial regulations, said he was pleased they had had the desired effect." Coates: "In previous years every time the money came in, before you could blink it had all gone in players' wages. We couldn't have that happen this time. It is a difficult balancing act and we will now be criticized for making too much money and not investing it, but I didn't believe we could continue being the world's richest league while all losing money." The wage restraint required by the financial regulations, as well as UEFA's FFP rules limiting losses for clubs in European competition, "led to clubs overall" being around £500M better off. The Premier League "welcomed the turnaround in profitability of the clubs" while the Deloitte said that it was the "first time an overall profit had been made" since '97-98. The wage restraint, consequent profits made and cash reserves built up by clubs, coupled with the new '16-19 TV deals which are expected to total £8B ($12.3B), "may lead to a new round of clubs being bought as investments and current owners selling at a profit" (GUARDIAN, 4/29).
