By the way (from memory) 5 or 6 PL clubs declared a profit in the 10/11 tax year.
But still less profit then if they had lower wages bills.
The money you make from finishing 2nd rather than 17th is less then the money you spend to do so and yet everyone still spends as much on players as they can afford.
Ergo profits aren't the ultimate aim; ergo it's not run as a business.