By Jonathan Davies

Profits and revenues at Premier League football clubs soared to record levels in the 2013/14 season, according to Deloitte.

Total revenues jumped 29% to £3.26 billion and profits reached £187m - the first time the league reported a profit since 1999.

Deloitte said the season marked "a new age" for finances in football. The Premier League itself generated £1bn more in revenues than its nearest rival - the Bundesliga in Germany.

"The transformation of Premier League club profitability will fuel even greater global investor interest in Premier League clubs," said Dan Jones, head of Deloitte's Sports Business Group.

"With significant future revenue growth already secured through the recently agreed domestic broadcast rights deals from 2016-17 to 2018-19, as well as the success of cost control regulations, the risks associated with investment in Premier League clubs seem to be diminishing."

Deloitte said the boost to finances comes as a result of a huge broadcast rights deal and greater focus on profitability through Financial Fair Play (FFP).

The figures show that TV money accounted for 54% of the league's total revenue - the highest proportion ever recorded in the Premier League. And with a new deal set to come in for the 2016/17 season, revenue is set to be 70% higher.

Mr Jones also said that FFP "could be the most significant development in the football business since the Bosman ruling. Early signs are that this is the case.

"Indeed the change in club profitability in 2013-14 was more profound than anything we could have forecast".

FFP was brought in to reduce reckless spending to avoid huge crashes like the ones seen at Portsmouth and Leeds in recent years. There were, and still are, concerns that clubs are spend too much of their revenues on wages. But Deloitte's figures show that the ratio of wages to revenue fell from 71% to 58% - the lowest it has been since 1999.