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The competition was formed as the FA Premier League on 20 February 1992 following the decision of clubs in the Football League First Division to break away from the Football League, founded in 1888, and take advantage of a lucrative television rights deal. The deal was worth £1 billion a year domestically as of 2013–14, with BSkyB and BT Group securing the domestic rights to broadcast 116 and 38 games respectively. The league generates €2. 2 billion per year in domestic and international television rights. In 2014–15, teams were apportioned revenues of £1. 6 billion, rising sharply to £2. 4 billion in 2016–17.

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