The Premier League clubs collectively made a loss of £205m in 2011-12 despite a £2.4bn income. How did they make the money, how much went on wages, and which is in most debt?

The Premier League accounts are in and it's time to turn our attention to money. How are the clubs operating financially?

In 2011-12, despite the 20 top-flight clubs generating a record income of £2.4bn, collectively the Premier League clubs made a loss of £205m. Of the clubs which were in the Premier League in 2011‑12, the year of most clubs' latest published accounts, eight made a profit, of £82m in total. The largest profit was recorded by Arsenal (£37m profit before tax) followed by Swansea City with £17m profit before tax. Manchester City made the biggest loss, £99m before tax.

The annual special report of Premier League clubs' finances shows they spent £1.6bn on wages last season, most of it to players. The wage bill accounted for 67% of clubs' turnover, a similar level to the two previous years – wages were 68% of income in 2009-10, and 69% in 2010-11.

Manchester United recorded the highest turnover of any of the Premier League clubs in 2011-12 at £320m, while Wigan had the lowest turnover. Chelsea had the second highest turnover, with £261m.

The accounts show that Norwich City, Swansea City and Wolverhampton Wanderers were the only clubs without any debt. Roman Abramovich's club however was the most indebted with a net debt of £878m.

Net debt is as stated in the annual accounts of each club; debts minus cash held at the bank.

In terms of value for money, Swansea's players could be seen as punching above their weight - despite having the lowest wage bill they managed to finish 11th in their first season in the Premier League. Aston Villa, on the other hand, underperformed somewhat. They had the seventh highest wage bill, but only finished 16th. Manchester City justified having the highest wage expenditure of £202m by winning the Premier League.

You can find the financial figures for 2011-12 for the 20 clubs in the table below which is sorted by  Wages as a percentage of turnover .

The Transfer League lists all players transfers and transfer fees for english premier league and current Championship football clubs. The transfers are updated regularly during the January and summer transfer window. We also bring you the very latest transfer news in the transfer windows. As well as listing all transfers and transfer fees we compare clubs transfer spending with their progress in the premiership and against other clubs .

The site also compares managers transfer spending in relation to the clubs final league position for each premier league and Championship season. The figures are as accurate as possible. In some instances a fee as undisclosed while we look for a reliable source for the fee. If you find a missing or incorrectly recorder transfer please use the submit error form to inform me and I will rectify mistakes and omissions. Please include a link so I can verify your information

* Details of all recent transfer are available  HERE.

The table below represents the clubs net spend per season from Season 2003/04 to date.This Season saw the begining of very wealthy club ownership with Roman Abramovich's purchase of Chelsea .
Purchases = Money spent on Players, Sold = Money received from Players sold.
Net = Purchased minus Sold , This gives an indication of new investment on players .

The per season column gives an average of the money spend per season since 1992.