English Premier League clubs are reaping the rewards of the most ambitious stadium development programme in Europe, according to Deloitte and Touche's annual look into football finances.

Expenditure on stadiums reached a record in 1999/2000, with �141m invested.

Unlike many of their European counterparts, English clubs have succeeded in turning their stadiums into profit centres rather than a drain on resources.

More than �500m has been invested in stadiums in the past five years, with Manchester Utd spending the most, at �20m, and Aston Villa, at �3.5m, the least.

But all clubs are reaping the benefits of the investment, which gives the premiership a "significant competitive advantage" over other leagues, the report says.

Optimum size

About half of the clubs in the Premier League have built new stadiums and the rest have carried out - or are planning to carry out - major redevelopments.

Major expansions at Old Trafford, St James' Park and Sunderland's Stadium of Light will boost this season's takings still further.

However, Deloitte and Touche say the Premier League is about to enter a phase of consolidation, as many clubs are reaching their optimum size.

Many are running at 95% capacity over a season.

The accountants warned such clubs against complacency, urging them to spend cash on improving the "customer experience" for fans.

The report argues that results on the pitch are not the only reason why people go to football.

Turning attendance into an event rather than just a game would increase the "stickiness" of the football experience - marketing jargon for how attractive it is.

Deloitte and Touche suggest more comfortable seats and leisure facilities to attract families to the ground during the week.

Naming rights

One revenue stream which is set to grow, according to Deloitte and Touche, is stadium "naming rights".

This is particularly effective when a club moves to a new ground, such as Middlesbrough's BT Cellnet Riverside Stadium, which is believed to have generated �3.5m over a 10 year period.

Re-naming existing grounds might be harder for fans to swallow, such as the recent change of name for Bradford's Valley Parade ground to the Bradford and Bingley Stadium.

With a raft of new stadiums about to open, Deloitte and Touche predicts an upswing in the sale of naming rights, which is already well established at sporting venues in the United States.

Southampton's replacement for The Dell is expected to open next season as the Friend's Provident St Mary's Stadium.

New stadiums are also due from Leicester City, Manchester City and, further down the line, Coventry City, Arsenal, Liverpool and Everton.