Premier League clubs generated record revenue of £3.26bn in 2013/14 – up 29 per cent on the previous season – as the first year of the £3bn (2013-16) broadcast rights deal turbocharged finances.

Better budgeting was also evident as clubs reduced net debt by 6 per cent and pared down the wages to revenue ratio to 58 per cent – the lowest it has been since the 1998/99 season.

Unsurprisingly, the record revenues and greater frugality meant Premier League clubs combined enjoyed a record operating profit of £614m – with 19 clubs in the black. As a result, the Premier League surpassed the Bundesliga to become Europe’s most profitable league.

The findings come from the 24th Annual Review of Football Finance produced by the Sports Business Group at Deloitte and published today (4 June). The report shows that the top 92 professional clubs in England contributed around £1.4bn in taxes in 2013/14, with TV rights money producing a major proportion of the wealth.

“The impact of the Premier League’s broadcast deal is clear to see,” said Dan Jones, partner in the Sports Business Group at Deloitte.

“Broadcast income increased by £569m in 2013/14, accounting for 78 per cent of the overall growth in revenue in the Premier League. Continued growth in both commercial and matchday revenue helped Premier League clubs’ combined revenues reach £3.26 billion – a staggering increase of £735m compared with the season before.”

Despite what analysts described as a “remarkable turnaround in profitability,” the 2013/14 season, still saw record levels of investment as transfer spending soared past £1bn and capital expenditure by English football’s 92 league clubs totalled £280m – representing the highest-ever level of investment in stadia and facilities.