Premier League clubs earned record revenue in 2012-13

London: English Premier League clubs earned a record $4.23 billion in revenue in the 2012-13 season to lead the "big five" leagues in the world.

An annual review conducted by consultants Deloitte shows that revenues among the 20 Premier League sides grew by $276 million with over 60 percent of the growth driven by Manchester United, Manchester City and Liverpool, reports Xinhua.

The seven percent increase in Premier League revenues is the largest absolute growth of any of the big five leagues. Among those, German clubs generated revenues of $2.85 billion while those in Spain reaped $2.68 billion. Italian clubs garnered $2.35 billion while French clubs saw revenues of $1.84 billion.

According to Deloitte, over 75 percent of the Premier League clubs' revenue increase was spent on wages as clubs spent in anticipation of the extra revenue from the new broadcast deal in 2013-14.