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The big five European leagues enjoyed record revenues in the 2016-17 season as a result of new broadcasting arrangements, according to data released on Thursday by Deloitte.

The combined revenue of the big five leagues — in England, France, Germany, Spain and Italy — was £12.6 billion, representing a nine percent increase from the previous year.

“The financial results of the class of 2016-17 are the most impressive we have ever seen,” said Dan Jones, partner in the Sports Business Group at Deloitte.

The 27th Annual Review of Football Finance said European soccer’s growth was primarily due to improved broadcasting deals in the English Premier League, Spain’s La Liga and France’s Ligue 1.

The European football market was worth £21.9 billion, with the English top division the clear driver.

“Whilst the Premier League is the clear market leader, we expect to see continued growth and interest across Europe’s leagues in the years to come,” said Tim Bridge, director in the Sports Business Group.

Revenue from the clubs in the Premier League jumped 25 percent to £4.5bn, boosted by the three-year domestic TV rights deal worth £5.1bn, signed in 2015.

Deloitte said that for the first time no English top-flight club recorded an operating loss, while the wages-revenue ratio fell to its lowest since the 1997-98 season, to 55 percent.

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