Premier League clubs have posted a profit for the first time in 15 years thanks largely to a huge increase in TV income.

The latest data figures released by analysts Deloitte reveal that the combined annual figures of all 20 top-flight clubs show a pre-tax profit.

Revenues have risen by 29% in the Premier League, up from £2.5bn to £3.3bn as a result of the latest set of television deals, while wages have grown by six per cent across the same period of time to £1.9bn overall.

Dan Jones, the lead partner of the Sports Business Group at Deloitte, said of the figures: "Last season was the first in the Premier League's current three-year broadcast deal, which was a record-breaker when it was struck.

"Combined with strong commercial growth at the highest revenue generating clubs, this has boosted Premier League revenue 29% to a record £3.3bn. However, despite this extra income clubs showed relative restraint in wage costs, which grew by six per cent to £1.9bn.

"In the first year of the preceding two broadcast deals, 56 per cent and 81 cent of respective revenue growth was absorbed by wage costs. This time it is less than 20%."

Chairmen of all 20 Premier League clubs will meet in London later today where the accounts are expected to be discussed in full.