The combined revenues of all 92 Premier League and Football League clubs generated a record £4.4bn.
Deloitte says it now expects total Premier League clubs' revenues to be more than £4.5bn in 2017-18. It paints a picture of "relentless revenue growth" with the recordbreaking broadcasting revenue deal for 2016 to 2019, which secured a 50% rise to £8.3bn, further improving finances.
For a third straight season, clubs' combined operating profits exceeded £500m, but wages rose 12% to £2.3bn.
Premier League clubs' combined revenues are likely to exceed £4.5 billion in the 2017/18 season, while broadcast revenue accounted for more than half of Premier League clubs' total revenue and, at £1.9bn in 2015/16, had nearly doubled since 2008/09. The division's top six wage spenders in 2015-16 filled the top six positions in 2016-17.
The Premier League champions most recently lost out to rivals Manchester United in their attempts to sign Romelu Lukaku from Everton, with the Belgian worldwide securing a transfer to Old Trafford on Monday for a fee in the region of £75 million.
The size of domestic and global TV rights sales, £2.8bn per season, £8.4bn in total over three years, is approximately double that of the Bundesliga's own improved deals, which are expected to pay around €1.4bn annually to the clubs in Germany's top two divisions.
More than half of the second tier sides spent more on wages in 2015-16 than revenue brought into the club.
Clubs are on course to break the current transfer window spending record.
The gap between Premier League clubs' earnings and those in Europe's next wealthiest leagues would be even greater were it not for the fall in the value of the pound against the euro following the British vote to leave the European Union last June.
Premier League clubs also generated record revenues of £3.6bn in what was the final year before the start of the new broadcast deals in 2016/17.
The clubs returned to a collective pre-tax loss in 2015/16, but Deloitte's analysis suggests this is unlikely to be a lasting trend.
Its £2.8 billion annual TV deal is nearly 30 times greater than that of the English Football League, which is reported to be £90 million across all three divisions.
Meanwhile, last season saw Huddersfield promoted with the fourth-lowest budget in the Championship and no parachute payments - one of the Championship's biggest sources of income - and English clubs continue to struggle to translate their huge financial advantage into Champions League success.
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