Indeed, five Premier League clubs made pre-tax losses in excess of £50 million ($84.1 million) during the season, including Chelsea and Manchester City. Liverpool posted the worst loss, of £70 million.
At the same time, wages rose 8 percent to a total of £1.8 billion, with the average player commanding £1.6 million ($2.7 million) a year, according to Deloitte. It forecasts that total wage spend reached a new record of £2.2 billion in the 2013/14 season.
"Keeping costs under control, particularly with regard to player wage costs, remains pivotal in order ensure that football clubs are sustainable," said Deloitte in its review.
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One side-effect of this is that clubs are heavily indebted. The aggregate net debt of Premier League clubs increased 6 percent to £2.5 billion in 2013, with Chelsea, Newcastle United, Queens Park Rangers and Aston Villa accounting for the bulk.
Jarman likened the situation to the mass provision of cheap, low-quality mortgages in the U.S. pre-2008, which caused its housing market to spiral out of control before collapsing, in a massive blow to the global economy.
"It is madness," Jarman told CNBC. "It just screams to me sub-prime mortgage crisis."