LONDON (AP) — Premier League clubs are generating record revenues - that are being chewed up by soaring player costs.

Accountancy firm Deloitte says the turnover at English top-flight clubs in the last financial year rose nine percent to 3.6 billion pounds ($4.6 billion), with the growth fueled by the rising value of participation in the Champions League by the top four teams. Wage costs, however, climbed 12 percent to 2.3 billion pounds across the league in 2015-16.

With financial data for the year only now becoming available, Deloitte says Premier League clubs collectively lost 110 million pounds. Although it was the first combined pre-tax loss by the 20 clubs since the 2012-13 season, new television deals that kicked in this season could ensure a return to profit across the league in the 2016-17.