The report – one of the most optimistic for years – mostly covered the 2002-03 season, and shows the average Premiership footballer’s wage hit £700,000 a year.
Poorer clubs are said to be recovering from the collapse of ITV digital, with top clubs enjoying healthy operating profits.
Dan Jones, one of the report's authors, said: “Whilst some commentators have been predicting a collapse in European football finances, the financial reality is that most clubs are turning the corner.
“Revenues continue to grow and greater wage restraint and a general slow down in transfer spending are bringing an improvement in the bottom line and club cash flows.”
The 20 top-flight Premiership clubs in the UK generated £1.2 billion in income compared to the £800 million earned by Italy’s Serie A.
