For the first time in 15 years, soccer clubs from the English Premier League have managed to post a profit, according to a new report, driven by a fall in wage bills and more lucrative broadcasting deals.
The clubs in England's top division posted combined pre-tax profit of £187 million ($290 million) in the 2013/14 season, Deloitte's Annual Review of Football Finance revealed on Thursday.
That's almost four times greater than the previous record set in 1997/98, and helped the league eclipse its nearest rivals from Germany and Spain.
It marks a significant turnaround for the Premier League, which accumulated pre-tax losses totaling £2.