English Premier League earnings have hit new heights as the teams in football’s top flight enjoyed combined revenues of almost £2.4bn in 2011-12.

With a new television rights deal on the horizon, figures for the Premier League are expected to soar further to an estimated £3bn (US$4.62bn, €3.52bn). Live domestic rights have been sold for more than £1bn (US$1.54bn, €1.17bn) per season, an increase of more than 70 per cent on the previous deal, according to business advisory firm Deloitte.

However, clubs in the Championship have seen team debts increase as they bid to get promoted into the top-flight of English football.

Revenues have also increased among England's 92 league clubs, surpassing the £3bn mark, though overstretching in bids to get promoted is meaning teams are struggling financially.

In summer 2012, Championship clubs' net debt reached a record level of £900m (US$1.4bn, €1bn) - a position that worsened for around two-thirds of second tier clubs.

The Premier League by comparison has a net debt of £2.4bn, although that debt includes £1.4bn of interest-free soft loans from owners, of which around 90 per cent relate to just three clubs: Chelsea (£895m, US$1.38bn, €1.05bn), Newcastle United (£267m, US$412m, €314m), and Queen's Park Rangers (£93m). Eight Premier League clubs also saw a reduction in net debt over the 2011-12 season.