English Premier League clubs reported record revenues of more than £2bn during the 2009-10 season, according to new research published by Deloitte's Sports Business Group.

The latest Annual Review of Football Finance has revealed that collective revenues of the top 20 clubs increased by 2 per cent, with broadcast revenue up 7 per cent to £1.04bn. Total combined revenues for the top 92 English football clubs - including sides in the three Football League divisions - grew by 5 per cent in the 2009-10 season to nearly £2.7bn.

According to the report, Premier League clubs' revenue is set to grow further for 2010-11 to more than £2.2bn - the first season under new broadcast agreements. However, Deloitte also highlighted that the growth in total wage costs for the Premier League had exceeded the increase in revenue, with more than £1.4bn spent on player salaries.

Alex Byars, senior consultant in the Sports Business Group, said: "Of the £49m increase in Premier League clubs' revenues, less than 10 per cent (£4m) fed through to operating profits. "The challenge for clubs continues to be converting impressive revenue growth into sustainable profits that allow for investment in both infrastructure and talent."

Other key findings from the annual report showed that England's Premier League generated the highest revenue of any major European league and remains the second most profitable. Premier League clubs' net debt also fell by 20 per cent to £2.6bn, while the government's tax take from the top 92 clubs is expected to exceed £1bn for the 2010-11 season.

Image: Ronnie Macdonald