The key driver to all this growth is television and what is perhaps most remarkable about the the Premier League's turnover in 2015-16 is that it came in the last year of a three-year domestic broadcasting deal that was blown out of the water when BT and Sky combined to pay £5.1bn for three seasons of rights from 2016-17, an increase of 71 percent.
Premier League clubs spent a record £1.3 billion on transfers during the 2015/16 season, surpassing the previous season's record of £1.1 billion by over 20 percent. The clubs spent a record £1.3bn on transfers during the 2015/16 season, surpassing the previous season's record of £1.1bn by over 20%.
The clubs returned to a collective pre-tax loss in 2015/16, but Deloitte's analysis suggests this is unlikely to be a lasting trend.
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For a third straight season, clubs' combined operating profits exceeded £500m, but wages rose 12% to £2.3bn.
"Even in the final year of its old broadcast contracts, Premier League revenues continued to set new records", said Dan Jones, partner in the sports business group at Deloitte.
City began the historic 2015-16 season with the 15th highest wage bill in the Premier League of £80 million, according to the Annual Review of Football Finance, compiled by Deloitte, but they shocked their big-spending rivals, including Manchester United whose wage bill was £241 million, by winning the title by ten clear points. Its £2.8 billion annual TV deal is nearly 30 times greater than that of the English Football League, which is reported to be £90 million across all three divisions.
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That spending is part fuelled by overall revenues increasing to a new record level of £556 million in 2015/16 - a rise of 74% in the last decade.
Premier League clubs' combined revenues are likely to exceed £4.5 billion in the 2017/18 season, while broadcast revenue accounted for more than half of Premier League clubs' total revenue and, at £1.9bn in 2015/16, had nearly doubled since 2008/09.
"With clubs standing to earn a revenue uplift of at least £170 million from promotion to the Premier League, rising to over £290 million if they survive one season, Championship clubs continue to be tempted to spend excessively relative to their revenues, particularly on wages", said Adam Bull, Senior Consultant in the Sports Business Group at Deloitte.
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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.