Although wages are soaring, up 12% to £2.3bn as clubs anticipated income from the lucrative broadcasting deal, the report said there was evidence of a more prudent approach, with just 44% of revenue increases being spent on wages since 2012-13, compared with 99% in the five years before that.
Third, there are still high levels of debt in the top-four divisions, with Premier League clubs owing £2.2bn and Championship sides £1.3bn, a figure which is more than double the league's annual turnover.
While Leicester City won the Premier League despite being ranked 15th by wage costs, and Chelsea finished eight places lower than their ranking, the report said the subsequent 2016/17 season showed a "stronger correlation between wage costs and league position", with the division's top six wage spenders in 2015/16 filling the top six wage positions in 2016/17.More news: Jimmy Carter admitted to Canadian hospital after suffering from dehydration
THE PREMIER LEAGUE has cemented its status as unquestionably the world's richest league, with projected collective earnings of £4.5 billion last season, according to Deloitte.
"Even in the final year of its old broadcast contracts, Premier League revenues continued to set new records", Dan Jones, a partner in Deloitte's sports business group, was quoted as saying.
"In the 2015/16 season, the big six clubs participated in the group stages of UEFA competitions and benefitted from improved UEFA broadcast rights deals, which resulted in an increase in distributions to participating English clubs of around £100m". Deloitte said this was the result of exceptional, or one-off, accounting adjustments, without which clubs collectively would have broken even.More news: Recent Analysts Ratings AK Steel Holding Corporation (AKS)
"With the commencement of the new Premier League broadcast rights cycle in 2016/17, supported by new commercial agreements at clubs and matchday revenue growth from new and expanded stadia, we expect total Premier League clubs" revenues to rise to over £4.5bn in 2017/18'.
There is little sign of such doom and gloom in Deloitte's report, which notes the clubs in England's top-four divisions combined to pay a record £1.6bn in tax, but there are a few notes of caution.
The lure of securing promotion to the Premier League continues to encourage major speculative spending among Championship clubs, who paid more in wages (£561m) than they earned (£556m) and had record operating losses of £261m in 2015-16.More news: Bristol-Myers Squibb Company (BMY) Sees Large Decrease in Short Interest
Premier League newcomers Huddersfield Town will be also be in front of the cameras for their first game of the season, when they host Newcastle on the same day.
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