Premier League clubs posted record revenue of £3.4bn, an increase of 3% from last season.

But their combined pre-tax profits fell to £120m, that sum was 37 % less than the £190m figure for 2013-14 but marks the first time Premiership teams have recorded two consecutive years of profit.

After years of losses, much of it absorbed by owners, clubs are booking profits.

In addition, in 2014-15 Premier League clubs saw combined operating profits – which exclude player trading, net interest charges and the amortisation of player contracts – of roughly £550m.

17 Premier League clubs recorded an operating profit in 2014-15.

But clubs wage costs also rose by 6% in 2014-15.

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