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.
Dan Jones, partner and head of the Sports Business Group at Deloitte, said: "Our analysis reveals a return to pre-tax losses... however, it is worth noting that this is due to a small number of one-off 'exceptional' costs.
"We fully expect that the Premier League's new three-year broadcast rights deal will see a return to record levels of profitability in the 2016-17 season."
Sky and BT paid a record £5.136bn for the latest round of TV rights -- 71 percent higher than the previous deal.
Adam Bull, senior consultant in the Sports Business Group at Deloitte, added: "We have already seen, to some extent, the impact of the current broadcast rights deal, with clubs' combined transfer expenditure over the course of the 2016-17 season reaching almost £1.4bn -- eclipsing the previous record set in 2015-16 by one-third and far exceeding any other league in world football."