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Do premier league clubs actually make money? What's the (estimated) net income for the teams in the league? How much has the value of those teams increased year on year?
I would guess that owning a sports team, especially in the premier league, which provides no profit sharing or salary caps, isn't a free ride and I wouldn't be surprised if more than a few clubs lost money.
It's true that owners take full "advantage" of their fans support - one could certainly argue that they abuse it. Fans for their part expect, owners to pony up the cash for new stadiums and players on a regular basis.