The new mammoth Premier League TV deal which kicks in at the start of next season will usher in "a new era of sustained financial performance" for clubs in the top flight, says analysts Deloitte.
In its annual review of football finance, the company found that Premier League clubs last year generated combined income of £3.3bn and 17 clubs recorded an operating profit, with 14 posting a pre-tax profit.
And with top-flight clubs set to receive even more money from next season, thanks to a new £5.136bn TV deal, the future is bright for Premier League clubs.
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TV income from the first one and a half games shown next season "will be more than the total received by all top-flight clubs for every match in an entire season 25 years ago", reports The Times.
"When you look at the growth of television money since 25 years ago, it is quite staggering," says Deloitte analyst Adam Bull. "But it's the equitable distribution of that money that means every Premier League team can compete with the rest of Europe for the best players - and that creates the scenario where anyone can beat anyone on a Saturday and where Leicester City can win the league."
The division's new-found profitability could mean even more foreign investors eyeing the Premier League, reports the Financial Times. Dan Jones of Deloitte tells the paper: "This is a turning point for Premier League clubs... Teams had always been attractive to overseas investors, but they were traditionally bought more for emotional reasons or as trophy assets. The fact they are now making consistent profits means they will be seen as viable financial assets from now on."
There could now be a scramble among Chinese investors to move into English football as the sport takes off in their homeland, adds the FT, with one expert saying: "I'd be very surprised if there wasn't at least one Chinese owner of a Premier League club before the year is out."
However, the riches on offer in the Premier League dwarf those elsewhere in Britain and Europe. "The top five Premier League clubs made almost double the revenues of the top five in the second-placed league, Spain," reports the FT.
In total, England's 92 league clubs generated revenues of more than £4bn for the first time last season, but the Premier League was responsible for more than 80 per cent. "Every Championship club made a loss as they chased the Premier League pot of gold. Wage costs in the second tier were 99 per cent of revenue," notes The Times.
Deloitte's figures show that while teams in the Premier League had a combined operating profit of £546m and pre-tax profits £121m, those in the second tier had operating losses of £225m and a combined pre-tax loss of £191m.
