Everything should be rosy in the Premier League. A new enormous TV deal, renewed interest after the most memorable season in living memory, and new Champions Manchester City, who won their first league crown in 44 years. However a glance at the top 20 clubs in English football reveals that all is not well.
When it comes to the money being haemorrhaged by Premier League clubs, the latest full set of figues available (which cover the 2010/11 season) show that despite clubs in England's top tier registering record income of £2.3 billion, which is largely down to TV money, the 20 clubs made a collective loss of £361 million.
With Financial Fair Play on the horizon there are plenty of clubs who will need to do something dramatic to get their house in order before UEFA start doling out punishments - but who are the clubs that need to worry the most?
1 - Manchester United - Net Debt for 2010/11: £308.3 million
United's financial problems thanks the Glazer family afre well known by now, with their recent stock market flotation designed to reduce overall debt. This figure, from the last set of accounts available, is a little out of date now, but is indicative of how in debt they are compared to their rivals.
2 - Fulham - Net Debt for 2010/11: £192.8 million
The latest set of accounts available show Fulham spent almost 75% of their revenue on wages, an extraordinary high proportion. They appear to be making efforts to lower their debt however, paying off almost £13 million to lower their interest bill by £600,000.
3 - Newcastle Net Debt for 2010/11: £130.5 million
Somehow, Newcastle off-loaded a host of expensive assets last season yet strengthened their position on the pitch, a testament to the changes made by owner Mike Ashley.
4 - Aston Villa Net Debt for 2010/11: £113.7 million
The legacy of the Martin O'Neill era, Villa spent over £70 million more than they earned in transfers over the past two season period.
5 - Bolton Net Debt for 2010/11: £110.6 million
No longer in the Premier League, their relegation has already forced them to offload a host of players and unless they bounce straight back up then they could be in long-term trouble
Notable other clubs:
6th - Arsenal: The Gunners have the second highest level of income (£255 million) and the 6th highest level of debt (£97.8 million)
7th - Chelsea: The Blues' spending spree this summer is likely to have a huge affect on their balance sheet, as is their commercial deals with Gazprom and Delta Airlines
9th - Liverpool: Another club struggling with a bygone era, Liverpool wasted almost £50 million on their ill-fated plans to develop a new stadium and have an overall debt of £65 million
10th - Tottenham: Spurs' overall debt level is relatively low at just over £56 million, but they won't want to miss out on the money offered in the Champions League much longer.
12th - Manchester City: City's debt levels shown in the accounts for 2010/11 is a relatively modest £42 million, although all will be laid bare when UEFA get their hands on the club's accounts without money straight from the pockets of their rich owners.