Increased revenue from the current television broadcasting deal helped Premier League clubs significantly rein in wage costs which were threatening to spiral out of control.

Twelve months ago analysts at Deloitte, who have published their annual review of football finances for the 2013/14 season, warned against "reckless" spending as the wages-to-revenue ratio topped 70 per cent for the first time.

However, following the first year of a new television deal that figure fell to 58 per cent - the lowest level since the 1998/99 season - with 13 of the 20 Premier League clubs that campaign having wages-to-revenue ratios at 60 per cent or lower compared to just one the previous year.

Total Premier League wages rose by £119million to £1.9billion in 2013/14, a seven per cent increase against a 29 per cent leap in revenue - the first time since 2007/08 wage costs have increased at a slower rate than revenue.

"Premier League clubs showed relative restraint in terms of wage costs, with less than 20 per cent of their revenue growth being absorbed by wage costs," said Dan Jones, partner in the Sports Business Group at Deloitte.

"Indeed, the Premier League's wages to revenue ratio reduced to 58 per cent (from 71 per cent) in 2013/14, the lowest it has been since the 1998/99 season.

"The current broadcast deal also comes as cost control regulations, at both domestic and European level, have caused many clubs to rein in their spending relative to the revenue they are now capable of generating.

"The end result has been a remarkable turnaround in profitability."

With a new domestic television rights deal worth a combined £5.3bn to come on stream in 2016 - and the international rights yet to be announced - the world's richest league is set to get more wealthy as it continues to outstrip its rivals.

Premier League clubs generated £3.26bn (up 29 per cent) - £1.4bn higher than the Bundesliga, which is the next highest-earning league.

Chelsea became the first club to record net debt of over £1bn, with an increase of £57m in soft loans - clubs' borrowings from their owners on interest-free terms - owed to Roman Abramovich during the 2013/14 season.

However, Deloitte's report highlights the Premier League's lowest-earning club Cardiff gets more from central broadcast distributions (£58m) than all bar five European clubs - Real Madrid, Barcelona, Juventus, and the two Milan clubs - do from their corresponding domestic league deals.

"The impact of the Premier League's broadcast deal is clear to see," added Jones.

"Broadcast income increased by £569m in 2013/14, accounting for 78 per cent of the overall growth in revenue in the Premier League.

"Continued growth in both commercial and matchday revenue helped Premier League clubs' combined revenues reach £3.26bn - a staggering increase of £735m compared with the season before.

"Following recent announcements of commercial deals for a host of the largest clubs, we expect the Premier League to surpass the Bundesliga in commercial revenue terms and hence lead the world in all three key revenue categories from 2014/15."

The trend for a reduction in wage-to-revenue was continued across Europe, with each of the 'big five' leagues reporting ratios at or below 70 per cent and, on average, less than one-third of revenue increases in 2013/14 went towards wages.

Overall wages-to-revenue ratio fell to 59 per cent across those leagues, its lowest level since 1999/2000.

However, chasing the Premier League riches does have its drawbacks as wages for Championship clubs exceeded £500m for the first time, rising by £56m to £518m in 2013/14, a 12 per cent increase.

Over the same period revenue rose by £54m to £491m (also 12 per cent) but the wages-to-revenue ratio was at 105 per cent, the second consecutive season with a ratio of over 100 per cent and only the third occasion that this has been recorded in English football.

On the positive side, 2014 represented the first calendar year since 1996 in which there were no insolvency events in the Football League, which suggests recently-introduced financial fair play regulations are causing clubs to live within their means.

"Championship clubs continue to deliver some alarming financial results," said Adam Bull, senior consultant in the Sports Business Group at Deloitte.

"Whilst the desire of individual clubs to reach the promised land of the Premier League is understandable, and heightened given the value of the new broadcast deals, the Football League is right to try and ensure this is not at the expense of the long-term sustainability of any club."