The impact of the Covid-19 pandemic on matchday revenue in the 2019/20 financial year is clear, but the impact on the two largest revenue streams of the ‘big five’ leagues in Europe, broadcast (which makes up 51% of 'big five' league club’s revenues) - and commercial (36%), remains more uncertain.

Wage costs of Premier League clubs only grew by 4% to £3.3bn in 2019/20, the smallest increase since 2004/05, while the aggregate total wage costs remained flat across the ‘big five’ leagues.

Premier League clubs’ cumulative net debt, primarily consisting of interest free loans from owners, reached a record level of just under £4bn in 2019/20, up from £3.5bn in 2018/19, according to the 30th Annual Review of Football Finance from Deloitte’s sports business group. 

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