Deloitte's latest Annual Review of Football Finance, released today, has revealed that the financial boom being enjoyed by English football –and the top flight, in particular – shows no signs of slowing down.

The report, which covers the 2006-07 season, confirms that the Premier League remains by far the biggest earner in world football with a total income for the 20 clubs, a tally that included Sheffield United, of more than £1.5bn.

Such a sum dwarfs every other league in Europe with Germany (£0.9bn), Spain (£0.9bn), Italy (£0.8bn) and France (£0.7bn) trailing well behind the Premier League.

That figure, according to Deloitte, is expected to soar even further for the season that has just finished with the estimate being around £1.9bn.

And with the money pouring into the game at the top level in this country showing no sign of abating, Hull will be among the 20 clubs to benefit the most in the coming 12 months.

Dan Jones, partner in the Sports Business Group at Deloitte, said: "In 2007-08, England's Premier League clubs will have had around 1bn Euros (or 50m Euros per club) more than their nearest European leagues in revenues at their disposal.

"We believe all 20 Premier League clubs are now in the world's top 50 by revenue."

It will prove an amazing turnaround for the East Yorkshire club who, just over eight years ago, suffered the ignominy of being locked out of their then Boothferry Park home by the bailiffs. Only the arrival of Adam Pearson in March 2001, saved the club.

Back-to-back promotions followed under Pearson and manager Peter Taylor before the Tigers were then sold to a consortium headed by Paul Duffen last June.

The group, which included Essex-based property investors Russell Bartlett and Martin Walker, paid £10m to take full control – £5m for the football club and £5m for the Stadium Management Company.

Tigers chairman Duffen then oversaw a substantial investment in both the wage bill – up from £4.5m in 2006-07 to £8.5m – and transfer fees with Caleb Folan becoming the club's first £1m signing last August.

Deloitte's latest report, their 17th, into football also revealed that Sheffield United were one of just eight clubs to post a profit in 2006-07.

This drop from the previous campaign when 16 clubs posted a profit is put down to an "increase in both wages and other operating costs".

The report added: "In 2005-06, 16 Premier League clubs recorded operating profits. In 2006-07, half that number – eight clubs – recorded an operating profit.

"There were five long-standing, well-supported Premier League clubs: Manchester United, Arsenal, Tottenham Hotspur, Liverpool and Newcastle United.

"And there were also the three promoted clubs: Reading, Sheffield United and Watford."