The combined revenue of Premier League clubs rose to a record £6.3 billion ($8.5 billion, 7.5 billion euros) in the 2023/24 season, but fan unrest and worsening competitive balance are cause for concern, according to financial experts Deloitte.
The rise in income for England's 20 top-flight clubs was fuelled by commercial income surpassing £2 billion for the first time and a rise in matchday revenue beyond £900 million.
English clubs continue to enjoy a huge financial advantage over their European rivals.
Spain's LaLiga, the second highest revenue-generating league, earned just over half that amount at 3.8 billion euros, almost 50 per cent of which came from Real Madrid and Barcelona.
However, fan protests have become a common sight at Premier League stadiums over rising ticket prices and the squeezing out of local supporters to make way for more tourists willing to spend more for a special matchday experience.
"There can be no doubt that the system in English football is under strain," said Tim Bridge, the lead partner in the Deloitte Sports Business Group.
"Repeated reports of fan unrest at ticket price and accessibility demonstrate the challenge in the modern era of balancing commercial growth with the historic essence of a football club's role and position in society: as a community asset."
There is also uncertainty over the implications of an incoming independent regulator for England's top five leagues.
And for the past two seasons, all three promoted clubs from the Championship have been immediately relegated back to the second tier.
"The financial implications of the 'yo-yo effect' on clubs, their spending, and overall competitiveness are major factors to address in order to continue attracting high levels of investment across the system," added Bridge in Deloitte's Annual Review of Football Finance.
Total revenue of European clubs rose by eight per cent in the 2023/24 campaign to 38 billion euros, boosted by increased commercial revenue and stadium developments.
The women's game also continues to grow commercially, particularly in England's Women's Super League (WSL).
Collective revenues in the WSL rose 34 per cent to £65 million in 2023/24 and are projected to reach £100 million in the upcoming season.