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Premier League football clubs have "turned the corner, and are entering a new era of sustained profitability", according to Deloitte.

In its 25th annual report on finances in English football, the consultancy's Sport Business Group said the new TV broadcast deal will help the "continuation of club profitability".

After reporting a second consecutive year of an overall profit among the Premier League's 20 clubs - the first time that has happened since 1999 - Deloitte said "it is certainly not a one-off".

The clubs reported combined revenues of £3.3bn for the 2014/15 season, up 3% on the previous year. The TV broadcast deal, which covered the past three seasons, was worth £3.018bn. That figure rises to an eye-watering £5.136bn for the new three-year deal, which starts from the 2016/17 seasons, meaning Premier League clubs are "looking at at least three more years of big growth".

Dan Jones, from Deloitte's Sport Business Group, said: "Clubs are now attractive propositions to investors, and not merely as vanity projects."

He added: "When the enhanced new broadcast deals commence in the 2016-17 season, operating profits could rise as high as £1bn."

"The pace of football's financial growth in two and a half decades [since the Premier League was formed in 1992] is staggering," said Mr Jones.

"By half-time of the second televised Premier League game next year, more broadcast revenue will have been generated than during the whole of the First Division season 25 years ago."

He added: "The impact of the Premier League's broadcast deal is clear to see. For the first time, the Premier League leads the football world in all three key revenue categories - commercial, match day and broadcast - and this is driving sustainable profitability.

Unsustainable Championship

Finances in English football's second-tier, the Championship, were described as "unsustainable" by Deloitte.

Combined revenues among the 24 teams reached a record£548 million in 2014/15, passing £500m for the first time. But wage bills rose 4% to £541m.

It means Championship clubs spent 99% of their revenues on wages. That is down from 106%, however. With more and more money being pumped into the Premier League, Championship clubs don't want the gap to grow too big. Otherwise staying in the top division upon promotion would become almost impossible.

Dan Jones said: "This remains an unsustainable level of spending without the support of owner funding. This resulted in operating losses of £225m and a combined pre-tax loss of £191m."