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Increasingly large TV deals are helping English Premier League clubs to enter "a new era of sustained financial performance", according to Deloitte.
It says the current TV deals saw Premier League clubs generate £3.3bn record revenues in 2014-15, up by 3%.
Top flight clubs also recorded a second straight year of pre-tax profits in 2014-15, for the first time since 1999.
With more lucrative TV deals from 2016, Deloitte says clubs are "looking at at least three more years of big growth".
'Turned the corner'
Launching its 25th Annual Review of Football Finance, Dan Jones from the business consultancy's Sport Business Group said: "What we are seeing is a continuation of club profitability, it is certainly not a one-off.
"We feel Premier League clubs have turned the corner, and are entering a new era of sustained profitability. Clubs are now attractive propositions to investors, and not merely as vanity projects."
He said increased profitability meant that top flight English clubs could compete with overseas teams in order to buy up the best players in the world, and still have money left in reserve.
From 2016-17 clubs will receive even more cash from broadcasters, with Sky and BT Sport paying a record £5.136bn (up from £3.018bn in 2013-16) for live Premier League TV rights for three seasons.
"When the enhanced new broadcast deals commence in the 2016-17 season, operating profits could rise as high as £1bn," Mr Jones said.
He also said that it was encouraging to see that much of this new-found TV wealth was being spent by clubs not only on players, but also on improving stadia and infrastructure.
Wage costs
"The pace of football's financial growth in two and a half decades is staggering," said Mr Jones, referring to the foundation of the Premier League in 1992.
"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.
Although the wages/revenue ratio has increased for the Premier League clubs, Mr Jones does not see this as cause for concern.
"Wage costs grew at a faster rate than revenues in 2014-15 and as a result the division's wages/revenue ratio rose from 58% to 61%," he said.
"However, this represents the second lowest level since 2004-05 and is 10 percentage points lower than in 2012-13.
"In fact, in the last two years, only 30% of revenue increases have been consumed by wage growth, whereas in the five years to 2012-13 this figure was 99%."
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