Wolves and West Brom still making a profit

The Black Country rivals were two of only 10 Premier League sides who made a profit in 2011-12 – while Villa made an operating loss of £33million.

Wolves made a profit of £9.4million on £60.8million turnover despite being relegated that season, while West Brom posted £6.5million on revenue of £66.7million.

Villa lost £33million despite income of £79.8million and Stoke made £5.8million on turnover of £70.7million.

In the Championship, spending on wages increased by £53million - 13 per cent - to £476million in 2011-12.

Just five Championship clubs finished in the black with an overall 90 per cent of all revenue going on wages – where clubs were accused of "rolling the dice" to gamble on being promoted.

Half of Premier League clubs are still making losses despite record revenues of £2.36billion.

But the new TV deal could drag most out of the red if chairmen resist spending on wages, according to Delloite's annual review of football finance published today.

From August, Premier League clubs will receive an extra £25million on average each year from the new TV contracts.

And the report says extra TV cash and spending controls could have significant beneficial effects for clubs if managed properly.

Deloitte estimates revenue grew to £2.5billion in 2012-13 and will grow by a further £600million, or 25 per cent, in 2013-14, when the league's new broadcast deal kicks in.

That should take the projected revenue of Premier League clubs above £3billion for the first time.

But almost 75 per cent of the Premier League clubs' revenue increase in 2011-12 was spent on wages, which increased by £64million, or four per cent, to £1.7billion.

It meant the overall Premier League wages-to-revenue ratio remained at 70 per cent.

The top five clubs by revenue in 2011-12 were Manchester United (£320million), Chelsea (£261million), Arsenal (£235million), Manchester City (£231million), and Liverpool (£189million).