Deloitte’s annual review of football finance reports that the Premier League’s combined pre-tax losses increase sharply from the 2023-24 season to the 2024-25 season. The clubs’ aggregate pre-tax losses rise from £135 million to £948 million, representing an increase of about 600%. Deloitte attributes the deterioration primarily to higher transfer spending by Premier League clubs and to the lack of substantial profits from one-off sales, which would otherwise help offset losses. In addition, Deloitte finds that Premier League clubs’ net debt edges up. Net debt totals £3.6 billion in 2024-25, compared with £3.5 billion in the preceding season. The reporting across outlets based on Deloitte’s figures focuses on the scale of the losses and the specific accounting and financial drivers behind the change, with both sources citing the same overall loss figure and Deloitte’s explanation involving transfer activity and fewer one-off sale profits.