Well, that's the spin the BBC put on it. Some highlights from their report:http://www.bbc.co.uk/news/business-39641423
Revenues - £3.6bn (£3.4bn in 2014-15)
Wage costs - £2.3bn (£2bn)
Operating profit - £500m (£500m)
18 clubs made an operating profit
12 clubs made a pre-tax profit
The 20 top-flight English teams made a pre-tax loss of £110m, after two consecutive seasons in the black, according to figures from Deloitte.
Looking at the combined losses, the first since the 2012-13 season, Dan Jones, head of the Sports Business Group at Deloitte, said it was "worth noting that this is due to a small number of one-off 'exceptional' costs". He said an example of these one-off items was Chelsea making a big financial provision against the early cancellation of their kit supply deal with Adidas.
Overall league revenues are set to be even higher in this season, thanks to the effects of the new television deal with Sky and BT, which kicked off last August and is worth a record £5.136bn for live Premier League TV rights over three seasons.
He said that as well as TV, there were other long-term revenue earners in the pipeline, principally the move by a number of clubs - including West Ham, Chelsea, Spurs, Liverpool, Everton and Manchester City - to expand their existing stadiums or move into bigger ones.