Booming broadcasting and commercial revenues combined with the introduction of new cost control rules by Uefa and the Premier League have driven top-flight clubs to a combined pre-tax profit for the first time in 15 years, according to Deloitte.

The consulting firm said that the 20 clubs generated a combined pre-tax profit of £190m in 2013-14, figures that Premier League sides will argue show their spending is becoming more sustainable.

Under the first year of a new £5.5bn television deal that runs until the end of next season, the figure is almost four times greater than the previous record of £49m set in 1997-98 and stands in stark contrast to the £2.6bn in pre-tax losses accumulated over the previous decade.

According to the Deloitte figures, taken from club accounts, Premier League revenues rose 29% in 2013-14 from £2.5bn to £3.3bn but wages grew by less than expected, from £1.8bn to £1.9bn.

“In the first year of the preceding two broadcast deals, 56% and 81% of respective revenue growth was absorbed by wage costs. This time it is less than 20%,” said Dan Jones, partner in the Sports Business Group at Deloitte. “Over the previous 10 seasons wages grew by around 9% per year, which is higher than the average annual revenue growth of 7% over that period, demonstrating further what a remarkable turnaround the 2013-14 figures represent.”

While the figures do not factor in the debt carried by clubs, they appear to show that new rules introduced by Uefa and the Premier League to curb excessive overspending are having some effect.

“The introduction of cost control regulations at both a European and domestic level has caused many clubs to watch their spending more closely than ever before and created a useful tool for clubs to reduce the inflationary pressures during negotiations with players and agents,” said Adam Bull, a senior consultant in the Deloitte Sport Business Group. “Also, the current broadcast deal has given Premier League clubs such a large revenue advantage over the vast majority of European clubs that they can still attract the top playing talent without overstretching themselves financially.”

Jones said that the Premier League’s new broadcasting deal, which runs from 2016-17 and could bring in as much as £8.5bn over three years once international sales are factored in, would make top flight clubs more attractive to external investors now it had been shown they could also make a profit.

“The primary aim of a football club is, and always should be, on-pitch success for the fans. However, we do welcome these results, which show that the Premier League clubs are starting to convert their impressive revenue growth into a more sustainable net result. With the recent announcement of another record Premier League broadcast deal, the revenue increases show no sign of ending and should make this season’s profit a regular outcome,” he said.

“Such profits provide the clubs with a great opportunity to invest further in their facilities and youth development activities, but will also no doubt make Premier League clubs even more attractive to potential investors than they already were. They can now be reasonably profitable businesses as well as trophy assets.”