Despite taking in a record £2.3 billion in 2010-2011, the 20 Barclay's Premier League clubs collectively lost £361 million over the same period.
The losses were led by league champions Manchester City who finished the 2011 season £197 million in the red after Sheikh Mansour bin Zayed Al Nahyan, the team's owner, began pouring money into the team in an effort to win the league title.
The £197 million loss in a single year is the most any team has ever lost in a single season in the history of professional sports.
City was followed by Chelsea which lost £68 million and then Liverpool who lost £49 million. The £2.3 billion that was collected was bolstered by the new Premier League television deal which runs from 2010-2013. That deal included a record £1.5 billion in money from international television revenue.
That money was completely cancelled out by the £1.5 billion the teams spent on salaries over the same year. Indeed player salaries are the main culprit of the loss, accounting for 69% of the team's total turnover.
Newcastle United recorded the largest profit of any single team, aided by their promotion from the Championship prior to the 2010 season. But they made just £12 million, hardly a kingly sum.
These figures represent the 2010-2011 season not the 2011-2012 season that just finished. When the numbers from this season are released the figures will likely look even more grim.
Teams have maxed out their revenue streams and many observers anticipate a hike in ticket and concession prices in an effort to counteract the inflating costs of running a team.