Scottish Premier League clubs (SPL) reported a collective loss of £22m for the 2008-09 season, according to the review of the competition carried out by PricewaterhouseCoopers (PwC).

The 21st Annual Financial Review of Scottish Premier League Football has revealed that the competition has moved into the red after posting a £23m collective profit for the previous year. According to PwC, the recession has taken its toll on the competition, with net debt across its 12 members increasing to £99m. There was also a 15 per cent fall in income from a record high of £198m for the previous year.

PwC partner and review author David Glen said: "There is no doubt that the SPL has been adversely impacted by the recession, however, what I believe has had even greater bearing over the years is the rampant financial successes of clubs and leagues in both England and Europe. "In a nutshell, the SPL cannot compete financially. It is simply unable to match the transfer fees or wage demands of the top talent needed to be competitive on an international platform and with it currently unable to generate a sufficient audience to attract the major media contracts enjoyed in other leagues, opportunities for investment are slipping away."

As part of the review, PwC has also examined the previous 21 years in a bid to examine some of the main reasons for the changes in the financial performance of Scottish top flight clubs since the inaugural review in 1989. Glen added: "Few could have predicted the financial rollercoaster the top flight clubs would undergo and the dramatic changes to the football landscape in Scotland over the last 21 years."