Premier League football clubs as a collective are back in the black for the first time in 15 years after England’s top 20 teams generated a combined pre-tax profit of £190m in 2013/14, according to a Deloitte report published today (26 March).

The £190m windfall is almost four times greater than the previous record of £49m set in 1997/98 and is in sharp contrast to the £2.6bn of pre-tax losses accumulated over the previous decade.

At an operating profit level, which excludes player trading, net interest charges and the amortisation of player contracts, Premier League clubs generated £620m – more than three times the previous record of £185m in 2007/08 and greater than the previous six seasons combined.

Analysts said a combination of greater control over wage budgets and bumper TV revenues were among the main contributing factors.

“Last season was the first in the Premier League’s current three-year broadcast deal, which was a record breaker when it was struck,” said Dan Jones, partner in the Sports Business Group at Deloitte.

“Combined with strong commercial growth at the highest revenue generating clubs, this has boosted Premier League revenue 29 per cent to a record £3.3bn. However, despite this extra income clubs showed relative restraint in wage costs, which grew by 6 per cent to £1.9bn.”

There was also an acknowledgement that financial fair play regulations were beginning to help reign in the excesses of elite football clubs, in turn making them more attractive prospects for investors.

“With the recent announcement of another record Premier League broadcast deal, the revenue increases show no sign of ending and should make this season’s profit a regular outcome,” added Jones.

“Such profits provide the clubs with a great opportunity to invest further in their facilities and youth development activities, but will also no doubt make Premier League clubs even more attractive to potential investors than they already were. They can now be reasonably profitable businesses as well as trophy assets.”