The latest Deloitte review of football finance showed that Premier League clubs once again reported record revenues, generating £3.3bn as the league continues to benefit from the current broadcast rights cycle, which began in 2013/14.

The lucrative broadcast deals have also helped clubs to record a second consecutive year of pre-tax profits in 2014/15, the first time this has happened since 1999.

Despite a modest 3% increase in revenue when compared with wage growth tracking at 7%, the operating profitability of Premier League clubs was still the second highest since the League was formed and almost seven times the average of the five years to 2012/13.

Dan Jones, partner in the sports business group at Deloitte, said: ‘The pace of football’s financial growth is staggering. By half time of the second televised Premier League game [in the next season], more broadcast revenue will have been generated than during the whole of the First Division season 25 years ago.’

The domestic broadcast value of each live match in the UK is £10.2m, illustrating the increasing influence of the TV deals on English football.

Total revenue at the big five European leagues rose by 6% to €12bn (£9.32bn) in 2014/15, but the Premier League continued to outperform all other leagues in 2014/15. The 2016/17 season looks to set to break all records, generating an estimated £11.6bn.

The Premier League remained Europe’s most profitable league generating £1.5bn more  than its nearest rival in the financial stakes, the Germany’s Bundesliga, which earned €2.4bn (£1.86bn).

The Spanish Liga secured number three spot with annual income of €2.03bn.

The big losers were individual clubs in Italy’s Serie A and France’s Ligue 1, many of whom reported combined operating losses.

In England, Liverpool FC recorded the highest pre-tax profits at £49m, while the 2014/15 season marked only the second consecutive years of pre-tax profitability across the Premier League.

Commenting on the UK football scene, Adam Bull, senior consultant in the sports business group at Deloitte, said: ‘Promotion to the top flight is now worth at least an additional £170m to those Championship clubs not in receipt of a parachute payment.’

He added: ‘At the same time, as none of the Championship clubs reported an operating profit in 2014/15, they need to be mindful that profits from player sales or owner funding are likely to be needed if they do not gain promotion.’

The Deloitte 25th Annual Review of Football Finance from the Sports Business Group at Deloitte is available here