Manchester United have come out on top of Manchester City - but only in revenue.
The Premier League's ballooning wage bill has dug heavily into profits as the average Premier League player now earns £1.6m a year.
Deloitte's latest 'Annual Review of Football Finance' report states that Manchester's two Premiership football clubs account for around 25% of all revenue generated in the Premier League - £635m out of a total £2.5bn in 2012-13.
English football's top 92 clubs, spread across four divisions, generated a total of just over £3bn.
Manchester United topped Deloitte's list with £363.2m of revenue, while Manchester City came in second with £271.8m - £91.4m less than their city rivals (outside England, Real Madrid and Barcelona top the money table).
This is, as they say in the game, a 'result' for City. To overtake Chelsea, Liverpool and Arsenal in terms of turnover shows how far the club has come. Less than a decade ago this would have been inconceivable.
Yes, Sheikh Mansour and family have spent millions on City and football is all about money these days and blah, blah, blah but cut away the sentimental yearning for a disappearing past and this is a result for the city not just City.
It means again that Manchester in football finance terms, if not presently on the field (please Mr Aloysius Paulus Maria van Gaal, could you change that?) is the most successful city on the planet in terms of football turnover through the clubs.
Blue Moon Rising is good for Manchester, in terms of global marketing and prestige. The enduring legend of United is similarly good. Ask Visit Leeds and Visit Birmingham if you don't think football success in today's world is important.
The planned Etihad campus
The 2.5bn revenue generated by the English Premier League makes it comfortably the highest-earning football league in Europe, with Germany's Bundesliga generating £1.7bn revenue, Spain's La Liga £1.6bn and Italy's Serie A £1.4bn.
However, the Bundesliga remains the most profitable league in Europe with £226m operating profits. The Premier League follows with only £82m.
The Premier League's ballooning wage bill has dug heavily into profits as the average Premier League player now earns £1.6m a year. Wages now account for around 70% of English revenues.
United and City boast the country's two highest wage bills - United around £180m and City around £230m.
Deloitte estimates that due to new broadcast deals and commercial growth, Premier League revenue could reach £3.2 billion in 2013-14 - an increase of around 30% from 2012-13.
Meaning that soon Yaya Toure's wages (currently £11.5m a year) will be so astronomical that he can pay for every single person in Manchester to give him a birthday kiss.
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More from Deloitte here.
