The 28th Annual Review of Football Finance said the European football market is now worth a record 28.4 billion euros, which was also driven by last year's World Cup in Russia.
"European club football is in the strongest financial position that we've ever seen," said Dan Jones, partner and head of the Sports Business Group at Deloitte.
"This reflects the drive among leading clubs to generate ever greater revenues to fund success on the pitch and also the sustained efforts of UEFA to improve profitability and sustainability of clubs through Financial Fair Play and club licensing.
"While the Premier League retains its leading position financially, we expect to see other leagues continue to grow in the coming years."
The Premier League retains top spot with club revenues rising to 4.8 billion pounds, primarily due to increased UEFA distributions as five teams competed in the Champions League for the first time in 2017-18.
The German Bundesliga's were boosted by new broadcast arrangements, which made them leapfrog Spain's La Liga to become the second largest revenue-generating league in the world.
Increased revenue also reflected in record-breaking transfer market activity from Premier League clubs as the wages/revenue ratio surged to 59% in 2017-2018.
Transfer spending meant the Premier League's operating profits fell 16% to 867 million pounds, but it still represents the second highest level of profitability ever for a single season.
"With the sale of the Premier League's domestic and international broadcast rights now complete for the 2019-20 and 2021-22 seasons, resulting in an overall 8% revenue increase, Premier League clubs will receive further increases in central distributions in the coming seasons," Jones added.
"However, the increase is not as significant as in the previous two cycles and therefore clubs will aim to improve their competitive and financial position through developing and growing other commercial revenue."
(Reporting by Hardik Vyas in Bengaluru, editing by Ed Osmond)
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