Premier League clubs achieved record revenues for the 2015-16 season but posted overall pre-tax losses, figures released by Deloitte reveal.
Revenues increased to £3.6billion, up £0.2billion from the previous campaign, with Manchester United and Manchester City responsible for more than half of the rise.
United's revenue grew to £515million, which saw them top the Deloitte Football Money League for the first time since 2003/04 as the world's highest revenue-generating club.
The combined operating profits of the 20 clubs remained stable at £0.5billion, with wage costs increasing by 12 per cent to £2.3billion.
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, following two consecutive years of pre-tax profits.
"However, it is worth noting that this is due to a small number of one-off 'exceptional' costs, and 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."
Sunderland's figures for the financial year to July 31, 2016 are set to be published towards the end of this month.
Sky and BT paid a record £5.136billion for the latest round of TV rights - 71 per cent 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 £1.4 billion - eclipsing the previous record set in 2015-16 by one third and far exceeding any other league in world football."