Premier League clubs achieved record revenues for the 2015-16 season but posted overall pre-tax losses, figures released by Deloitte have shown.
Revenues increased to £3.6 billion, up £0.2bn from the previous season, with Manchester United and Manchester City responsible for more than half of that rise.
United's revenue grew to £515 million, which saw them top the Deloitte Football Money League as the world's highest revenue-generating club for the first time since 2003-04.
The combined operating profits of the 20 clubs remained stable at £0.5bn, with wage costs increasing by 12 percent to £2.3bn.
But after two consecutive seasons of pre-tax profits, the clubs were back in the red with pre-tax losses of £110million.