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The 20 Premier League clubs recorded a combined turnover of £1.9bn last year – but three-quarters were reliant on owners investing or loaning them money, according to new figures.

A review by The Guardian newspaper of the clubs' 2008/09 accounts, the latest which are publicly available, found that a whopping £1.84bn was invested or loaned by owners, mostly to subsidise spending on players’ wages.

The figures raise question marks about whether Premier League clubs will be ready for Uefa’s proposed ‘financial fair play’ rules when they come into effect at the start of the 2012/13 season.

The rules, which look set to be passed at the governing body’s summer congress, require all European clubs to live within their means rather than rely on funding from “benefactors”.

The Guardian reports that this season’s Double winners Chelsea made a £47m loss in 2008/09, due mainly to spending on players. Roman Abramovich's funding of such repeated losses has taken his investment in the club, in the form of a loan to the holding company, to £726m since he took over in 2003.

Arsenal, however, reported a record £316m turnover last year and a £46m profit, and Manchester United, which had a £278m turnover, also made a profit, largely thanks to the sale of Cristiano Ronaldo.

Tottenham Hotspur was second to Arsenal in profitability and looks financially healthy, but many other leading clubs have relied heavily on significant investment from owners.

Sheikh Mansour of Abu Dhabi invested £395m as equity (not loans) in Manchester City between his takeover in August 2008 and January this year. At Aston Villa, Randy Lerner loaned £105m from his US holding company, charging interest to the club.

Several clubs' accounts state they would not even be solvent without the support of their owners, according to The Guardian.

The total debt of the Premier League's current 20 clubs in 2008/09, owed to banks and owners, was £2.9bn.