A report on football finance has estimated that European clubs and associations now generate more than £7 billion in income each season, with the English Premiership stretching its lead over Italy's Serie A.
The Premiership generated £1.2 billion in 2002/03, compared with £800m for Italy's top division, according to Deloitte's annual review of football finance.
Deloitte's Dan Jones said that despite predictions of a collapse in the game's finances, most clubs were turning the corner.
'Revenues continue to grow and greater wage restraint and a general slowdown in transfer spending are bringing an improvement in the bottom line and club cash flows,' he said.
Total wages and salary costs for clubs in the top division of the big five leagues - England, Italy, France, Germany and Spain - stabilised in 2002/03 at £2.5 billion. In England, clubs' wage growth slowed from the 25% average of the previous ten years to 8%.
In Germany and Italy, the top clubs actually reduced their overall wage costs.
The Deloitte report finds that England's financial lead is driven by investment in stadia, which means clubs generate over £360m on match days, double that of clubs in any other league.
In England, Premiership clubs' total income rose 10% to £1.2 billion, but the loss of ITV Digital money after its collapse led to a 12% drop for clubs outside the top league.
Total player costs - wages plus transfer fees - fell by 5%, the first drop in the 12 years Deloitte has been producing the report.
Manchester United headed the revenue league table at £175m, with Liverpool and Arsenal next on £104m. The report shows that the four clubs competing in the Champions League received £49m from UEFA between them.
