Capital expenditure by Premier and Football League clubs exceeded £300m in a single season for the first time in 2014/15, according to Deloitte.
The Deloitte Annual Review of Football Finance shows capital expenditure on stadiums and other facilities hit £305m, up from £280m the previous season.
The Premier League had another strong year of capital investment, with a record total spend of £228m, an increase of 8%.
Manchester City was the largest spender for the third successive season, with £62m invested in developing facilities around the Etihad Stadium.
Tottenham Hotspur came second, spending £43m on its development project, which includes plans for a 61,000 seat stadium.
Other notable expenditure in the 2014/15 season included Liverpool (£36m), which continues to redevelop Anfield as part of a wider regeneration project, and Chelsea (£33m) which has announced plans to build a 60,000 capacity stadium at Stamford Bridge.
Total expenditure in the Championship grew by 8% to £53m, with Brentford spending the most, £16m on its proposed 20,000-capacity Brentford Community Stadium.
Of the £21m of capital expenditure in League One, 75% relates to the £16m investment Bristol City has made for the redevelopment of Ashton Gate.
In light of record profits in the Premier League and stadium use at 96%, Deloitte forecasts clubs will continue to increase capital expenditure in the next seasons to increase stadium capacity and improve training facilities.
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